Torrent Pharmaceuticals was down 4.15% to Rs 1518.9 at 10:55 IST on the BSE after the US drug regulator classified the inspection of the company's Dahej facility as Official Action Indicated (OAI).
The announcement was made after market hours yesterday, 17 July 2019.
Meanwhile, the S&P BSE Sensex was down by 60.92 points, or 0.16% to 39,154.72.
On the BSE, 2.55 lakh shares were traded in the counter so far compared with average daily volumes of 11000 shares in the past two weeks. The stock had hit a high of Rs 1559.9 and a low of Rs 1487.45 so far during the day. It hit a 52-week high of Rs 1964 on 29 March 2019 and a 52-week low of Rs 1407.45 on 23 July 2018.
Torrent Pharmaceuticals said it received a communication from the US Food and Drug Administration (USFDA) classifying the inspection conducted at its Dahej facility in Gujarat in March 2019 as Official Action Initiated (OAI).
The company already had submitted its initial response to USFDA and commitments given in response to Form 483 observations have been fulfilled. The company is sending further updates over receiving of this OAI letter. The company will be engaging with the regulator and is fully committed in resolving this issue at the earliest.
The company does not believe that this inspection classification will have an impact of disruption of supplies or the revenues from operations of this facility.
On a standalone basis, the company's net profit decreased 25.5% to Rs 164.00 crore on a 2.1% rise in net sales to Rs 1319.00 crore in Q4 March 2019 over Q4 March 2018.
Torrent Pharmaceuticals is one of the leading pharmaceutical companies having presence in Indian and global markets.
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