Latest News | Aurobindo Pharma Shares Decline over 3 Pc After USFDA Warning Letter to Subsidiary
Get latest articles and stories on Latest News at LatestLY. Shares of Aurobindo Pharma on Thursday closed over 3 per cent lower after the company's step-down subsidiary received a warning letter from the US health regulator for its unit in New Jersey, US.
New Delhi, Oct 22 (PTI) Shares of Aurobindo Pharma on Thursday closed over 3 per cent lower after the company's step-down subsidiary received a warning letter from the US health regulator for its unit in New Jersey, US.
The stock, which declined 6.92 per cent to Rs 749.55 during the day on BSE, later closed at Rs 782.45, lower by 2.84 per cent.
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On the NSE, it fell 3.37 per cent to settle at Rs 779.
AuroLife Pharma, a wholly-owned step-down subsidiary of the company, has received a warning letter from the United States Food and Drug Administration (USFDA) for its oral solid manufacturing facility situated at Dayton, New Jersey, Aurobindo Pharma said in a BSE filing.
This follows the earlier letter dated June 4, 2020, issuing an OAI (Official Action Indicated) status for this facility.
Aurobindo Pharma said it believes the existing business from this facility will not be impacted.
"The company will be engaging with the regulator and is fully committed in resolving this issue at the earliest," it added.
The drug firm, however, did not provide any details of the contents of the warning letter.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)