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Ipca Lab shares end over 8% lower as USFDA bans drug import

Press Trust of India  |  New Delhi 

of slumped over 8 per cent today after almost all drugs manufactured at its facilities at Pithampur, Silvassa and Ratlam were banned by the USFDA.

The stock tanked 8.08 per cent to settle at Rs 471.70 on During the day, it tumbled 14.83 per cent to Rs 437.

At NSE, of the company dived 8.12 per cent to close at Rs 473.30.

The company's market valuation fell by Rs 523.51 crore to Rs 5,951.49 crore.

In terms of volume, 8.61 lakh of the company were traded on and over 75 lakh shares changed hands at during the day.

The US Food and Drug Administration (USFDA) cited violation of current good manufacturing norms for its action.

The USFDA has refused admission to all drugs made at the company's Pithampur and Silvassa facility, said in a filing yesterday.

All drugs except API Chloroquine Phosphate made at Ratlam (Madhya Pradesh) unit have also been denied entry in the US, it further said.

The ban on all drugs made at Pithampur (Madhya Pradesh) and Silvassa (Dadra and Nagar Haveli) will continue "until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with CGMP," added.

However, it said the US health regulator will reconsider the exception for Chloroquine Phosphate made at the Ratlam facility if shortage and/or medical necessity implications change.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 16:42 IST