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US FDA finds 'significant violations' at Strides Pharma plant

Updated : July 17, 2019 11:05 AM IST

Shares of Strides fell 8.1 percent to Rs 347.10 per share in early trades on the National Stock Exchange. But soon the shares erased losses and traded only 1.9 percent down at Rs 370.55 per share at 10.19 AM. 
The drugmaker was caught trying to dispose quality-control records, the FDA said in a letter made public on July 16.
The FDA's warning letter dated July 1, comes months after several Indian drugmakers including Sun Pharmaceutical Ltd and Dr.Reddy's Laboratories Ltd were named in a US lawsuit against Israeli drugmaker Teva Pharmaceutical Industries Ltd accusing it of conspiring to inflate drug prices and stifle competition for generic drugs.
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