GET Stock QuotesNews18 APP
News18 English
cricketnext
»
1-min read

Ipca Lab Shares End Over 8% Lower as USFDA Bans Drug Import

Shares of Ipca Laboratories slumped over 8 percent on Friday after almost all drugs manufactured at its facilities at Pithampur, Silvassa and Ratlam were banned by the USFDA.

PTI

Updated:June 16, 2017, 5:01 PM IST
facebookTwittergoogleskypewhatsapp
Ipca Lab Shares End Over 8% Lower as USFDA Bans Drug Import
Image for representation.
New Delhi: Shares of Ipca Laboratories slumped over 8 percent on Friday after almost all drugs manufactured at its facilities at Pithampur, Silvassa and Ratlam were banned by the USFDA.

The stock tanked 8.08 percent to settle at Rs 471.70 on BSE. During the day, it tumbled 14.83 percent to Rs 437. At NSE, shares of the company dived 8.12 percent 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 shares of the company were traded on BSE and over 75 lakh shares changed hands at NSE 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, Ipca Laboratories said in a BSE filing on Thursday.

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," Ipca Laboratories 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.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Dewan Housing 591.85 +33.60 +6.02
Bharti Airtel 465.95 +12.65 +2.79
Reliance 874.35 -2.45 -0.28
Axis Bank 513.15 -7.20 -1.38
Federal Bank 125.95 +1.15 +0.92
Company Price Change %Gain
Rel Capital 562.30 +26.15 +4.88
Dewan Housing 590.00 +31.45 +5.63
Johnson Control 2,450.25 +408.35 +20.00
Idea Cellular 90.00 +6.95 +8.37
GE Shipping 398.95 +7.45 +1.90
Top Gainers
Company Price Change %Gain
Cipla 632.10 +25.35 +4.18
BPCL 512.75 +14.35 +2.88
Bharti Airtel 465.95 +12.65 +2.79
Indiabulls Hsg 1,325.70 +30.60 +2.36
HPCL 470.80 +10.35 +2.25
Company Price Change %Gain
Cipla 631.25 +24.80 +4.09
Bharti Airtel 465.95 +12.95 +2.86
Asian Paints 1,194.40 +24.15 +2.06
Bajaj Auto 3,257.00 +35.20 +1.09
M&M 1,373.40 +6.10 +0.45
Top Losers
Company Price Change %Gain
Zee Entertain 494.80 -19.65 -3.82
Axis Bank 513.15 -7.20 -1.38
Tata Motors 432.30 -4.75 -1.09
Bajaj Finance 1,867.10 -19.20 -1.02
Dr Reddys Labs 2,381.35 -22.15 -0.92
Company Price Change %Gain
Axis Bank 513.20 -7.50 -1.44
Tata Motors 432.00 -4.55 -1.04
Infosys 931.45 -7.85 -0.84
Dr Reddys Labs 2,382.35 -14.90 -0.62
Kotak Mahindra 1,079.80 -4.80 -0.44

Live TV