0

0

0

0

0

0

0

0

0

market | IST

Cipla hits 5-year low after USFDA issues observations for Goa plant

Mini

Cipla in last 5 months has fallen 29.3 percent, crossing its 200-DMA (day moving average).

Many pharmaceutical companies came under pressure after the US Food and Drug Administration (FDA) increased its scrutiny on drug makers. Among the pharma firms, Cipla has fallen over 29 percent in the last five months, crossing its 200-DMA (day moving average).
Cipla shares on Friday touched its five-year low of Rs 389.6 per share on the NSE after the USFDA issued observations for the company's Goa facility.
Kedar Upadhye told CNBC-TV18, "The Goa site has about 10 units, if you read Form- 483, there is no data indicative related observations. The observations pertain to facilities, equipment' and infrastructure."
"We are confident that we will be able to submit a robust response in terms of the corrective and preventive actions to each of the observations. We will work with the agency in terms of resolutions of these observations,” he said.
On September 28, the drug manufacturer received 12 observations in a Form-483. Media reports suggested that some of the sterile manufacturing plant observations were similar to that of its peers. Meanwhile, the company’s existing exports remain unaffected, which is a relief to the shareholders.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions