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Aurobindo Pharma rises 3% after firm's clarification on FDA observations

The exchange had sought a clarification from the company regarding declining share prices on the back of USFDA observations

Press Trust of India  |  New Delhi 

Pharma

Shares of Pharma recovered over 3 per cent on Wednesday after the company clarified that none of the seven observations from the US health regulator for its Telangana unit were linked to data integrity.

In a regulatory filing post market hours on Monday, Pharma said that it is "confident of addressing these issues within the stipulated timeline".

The equity market was closed on Tuesday on account of Dussehra.

Shares of the company opened on a strong note at Rs 472, then gained further ground and touched a high of Rs 485, registering a jump of 5.46 per cent. The scrip finally settled at Rs 474.30, up 3.45 per cent over previous close on the BSE.

On the NSE, the stock gained 3.16 per cent to close at Rs 474.40.

The exchange had sought a clarification from the company regarding declining share prices on the back of USFDA observations.

Shares of Pharma had slumped over 19 per cent and had hit its 52-week low of Rs 450 on Monday after the US health regulator issued seven observations.

The United States Food and Drug Administration (USFDA) conducted a Current Good Manufacturing Practices (CGMP) inspection at the company's unit-7 manufacturing facility from September 19 to 27, Aurobindo Pharma had said in a BSE filing.

The inspection ended with seven observations, it added.

"We believe none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline," it said.

First Published: Wed, October 09 2019. 16:40 IST
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