Aurobindo Pharma recovers 5% after company's clarification on USFDA observation1 min read . Updated: 09 Oct 2019, 01:33 PM IST
- Shares of the company opened on a strong note at ₹472
- The shares of Aurobindo Pharma had slumped over 19% and had hit its 52-week on Monday
New Delhi: Shares of Aurobindo Pharma recovered over 5% on Wednesday after the company clarified that none of the seven observations from the US health regulator for its Telangana unit were linked to data integrity.
In a regulatory filing post market hours on Monday, Aurobindo Pharma said that it is "confident of addressing these issues within the stipulated timeline".
The equity market was closed on Tuesday on account of Dussehra.
Shares of the company opened on a strong note at ₹472.00, then gained further ground and touched a high of ₹472.90, registering a jump of 5.12% over its previous close on BSE.
On the NSE, the stock opened at ₹474.15, then gained 4.82% to touch an intra-day high of ₹482.
A clarification was sought from the company regarding declining share prices on the back of USFDA observations.
The shares of Aurobindo Pharma had slumped over 19% and had hit its 52-week low of ₹450 on Monday after the US health regulator issued seven observations.
The United States Food and Drug Administration (USFDA) conducted a Current Good Manufacturing Practices (CGMP) inspection at the company's unit-7 manufacturing facility from September 19 to 27, Aurobindo Pharma had said in a BSE filing.
The inspection ended with seven observations, it added.
"We believe none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline," Aurobindo Pharma said.
This story has been published from a wire agency feed without modifications to the text.