Cipla Shares Fall 6% After US Regulator's Warning Letter On Goa Facility
The Cipla stock was off its intraday lows in late morning deals
Mumbai-based pharmaceuticals manufacturer Cipla said on Wednesday that it had received a warning letter from the US drug regulator, following inspection at its Goa facility. The US Food and Drug Administration (FDA) had inspected the company's manufacturing facility in Goa in September last year. Shares of Cipla were under pressure, declining nearly 6 per cent in the first half of the session. On the BSE, Cipla shares declined to as low as Rs 401.00 apiece during the session, down 5.72 per cent compared with their previous close of Rs 425.35.
In a regulatory filing early on Wednesday, Cipla said it remains committed to maintaining the highest standards of compliance and will work closely with the US regulator to comprehensively address all the observations.
The Cipla stock was off its intraday lows in late morning deals.
At 11:52 am, Cipla shares traded 1.72 per cent lower at Rs 418.05 apiece on the BSE, still under-performing benchmark index Sensex which was down 0.71 per cent after hitting a three-week low.