Lincoln Pharmaceuticals shares hit lower circuit limit on Monday after the company informed BSE that its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company’s registration has also been cancelled there.
The share price of the company fell 20 per cent to Rs 179.20 on BSE.
Chloramphenicol Sodium Succinate Injection is an antibiotic used to treat serious bacterial infections.
In a BSE filing, the company said, “Tanzania drug authority has announced to stop and banned importing of this product and company’s registration has also been cancelled.”
It further said, “In this circumstance a huge quantity dispatched to Tanzania has (been) kept on hold there and the authority has issued a notice to destroy the product.” The ban “will create a big impact on its profit margin,” it said.