Aurobindo Pharma shares tank 8% as USFDA warns of regulatory action
Updated : May 17, 2019 12:18 PM IST
Aurobindo Pharma shares dived nearly 8 percent intra-day on Friday after US FDA (US Food and Drug Administration) classified the inspections as Official Action Indicated (OAI).
OAI means regulatory and/or administrative actions will be recommended in future.
In its press release, the company said that it has received letters from the US FDA classifying the inspections concluded at their API facilities of Unit I and XI and intermediates facility of unit IX in February 2019 as OAI.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more