Aurobindo Pharma slumped 8.86% to Rs 394.40 after the US drug regulator issued a 'Form 483' with 14 observations to the company's facility in Hyderabad.
The United States Food and Drug Administration (USFDA) inspected the company's unit IV, a general injectable formulation manufacturing facility situated at Pashamylaram, Hyderabad, from 4th to 13th November 2019. At the end of the inspection, we have been issued a 'Form 483' with 14 observations. None of these observations are related to data integrity issues. The company will respond to the USFDA within the stipulated timeline. The announcement was made after market hours yesterday, 13 November 2019.
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An FDA Form 483 is issued to firm management at the conclusion of an inspection. The FDA Form 483 notifies the company's management of objectionable conditions.
Meanwhile, a foreign brokerage has reportedly maintained 'buy' rating on Aurobindo Pharma in the long term with a target price of Rs 860.
The stock fell as much as 9.41% to hits its 52-week low of Rs 392.60 in intraday today.
The drug maker reported 4.6% increase in consolidated net profit to Rs 639.50 crore on 17.9% rise in revenue from operations to Rs 5600.5 crore in Q2 September 2019 over Q2 September 2018.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's product portfolio comprises of therapeutic/product areas encompassing antibiotics, anti-retroviral, CVS, CNS, gastroenterological, pain management and anti-allergic.
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