homemarket Newsstocks News

Strides Pharma shares plunge over 8% on reports of warning letter from USFDA

Strides Pharma shares plunge over 8% on reports of warning letter from USFDA

Strides Pharma shares plunge over 8% on reports of warning letter from USFDA
Profile image

By CNBC-TV18 Jul 17, 2019 1:18:14 PM IST (Published)

Strides Pharma Science’s shares plunged 8.2 percent intraday on Wednesday after the company received a warning letter from the United States Food and Drug Administration (US FDA) citing data integrity issues.

Recommended Articles

View All

At 11:50 am, the share was trading at Rs 370.35 per share, down 1.98 percent on the NSE. Intraday, the stock plunged over 8 percent to its day’s low at Rs 347.10.
Strides Pharma
The US FDA pointed to a quality system that does not ensure the accuracy and integrity of data. Besides the data integrity issues, the warning letter also points out issues in test results that did not meet criteria. The USFDA said the responses by Strides to the observations were inadequate.
The warning letter was issued on July 1. The company’s Puducherry facility currently manufactures 6 drugs which won’t get impacted due to the warning letter. However, the 10 drugs filed for approval from the plant will get delayed till the site is remediated, which is almost 30 percent of the company’s total drug pipeline.
 
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng