Healthcare

Cipla shares tumble as USFDA flags Goa facility after inspection

Updated : January 23, 2020 10:28 AM IST

The scrip touched an intraday low of Rs 460 after falling 2.49 percent on the BSE.

At 9:45 am, shares of Cipla traded 0.72 percent lower at Rs 468.35 on the BSE.

Cipla shares fell over 2 percent in the early trade on Thursday after the United States Food and Drug Administration (USFDA) classified the inspection conducted at company’s Goa manufacturing facility as official action indicated (OAI).

The scrip touched an intraday low of Rs 460 after falling 2.49 percent on the BSE.

At 9:45 am, shares of Cipla traded 0.72 percent lower at Rs 468.35 on the BSE.

The inspection at the facility was conducted between September 16-27, 2019.

Speaking to CNBC-TV18, Kedar Upadhye, global CFO, Cipla said that the developments will not have any material impact on the company's US business at this stage.

The exposure of single source products from Goa plant is less than 2.5 percent of total sales, he added saying that all other facilities are compliant.

The company has been active in a de-risking program in the past one year and has drug filings from multiple plants.

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