Ipca Lab may face the heat as USFDA issues Form 483 with 8 observations

The share touched a 52-week high of Rs 1,033.50 and a 52-week low of Rs 670 on 05 August, 2022 and 22 May, 2023, respectively.

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The Ipca Laboratories share price may come under pressure in the early trade on June 26 after the US drug regulator issued Form 483 on its Pithampur formulations facility with eight observations.

Ipca Laboratories said the US Food and Drug Administration (USFDA) conducted the inspection of the Madhya Pradesh facility during June 15-June 23.

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The company will submit a comprehensive response on these observations to the USFDA within a stipulated time and work closely with the agency to resolve these issues at the earliest, Ipca Laboratories said.

The company has come under glare from various sides recently. On June 14, the USFDA issued a Form 483 with 11 observations to the company’s APIs manufacturing facility at Ratlam, Madhya Pradesh.

The income tax department carried out survey proceedings at the company’s offices in Mumbai and at Sikkim manufacturing plants between May 30, 2023 to June 03, 2023.

In the previous trading session, the Ipca Lab shares closed down Rs 2.70, or 0.37 percent at Rs 726.75 on the BSE. It touched a 52-week high of Rs 1,033.50 and a 52-week low of Rs 670 on August 5, 2022 and May 22, 2023.