IPCA Labs shares nosedived as much as 16 per cent and hit their fresh 52-week low of Rs 560 after the pharma company informed BSE that it has received warning letter from US FDA for Ratlam (Madhya Pradesh), SEZ Indore (Pithampur) and Piparia (Silvassa) manufacturing units.
At 1.37 pm, shares of IPCA Labs were trading 4.39 per cent down at Rs 639.50. The scrip opened at Rs 664.50 and had touched a high and low of Rs 667.50 and Rs 560, respectively, in trade so far. Later, the scrip settled 2.02 per cent down at Rs 655.35.
In a release, IPCA Labs said, “The company has already voluntarily suspended shipments of its APls and formulations for the US market and since July 2014 has not shipped any APls or formulations to the US market except the products which are exempted from import alert.”
The company has responded to USFDA inspection observations with its remediation measures and has been since working also with external consultants to ensure that its remedial activities are undertaken in a proper and timely manner.