Indoco Remedies down 3% after 4 observations from FDA for Goa facility

The share touched a 52-week high of Rs 423.10 on January 2, 2023 and a 52-week low of Rs 307.00 on April 26, 2023.

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Indoco Remedies was trading nearly 3 percent lower on October 20 morning after the United States Food and Drug Administration (USFDA) issued four observations for its Goa facility.

At 09:18 hrs Indoco Remedies was quoting at Rs 341.30, down Rs 9.75, or 2.78 percent on the BSE.

The FDA inspected the company’s solid oral formulation facility (Plant I) in Goa from October 12 to 18, 2023 for two drug product applications (ANDAs) filed from the unit, the company said.

The American drug regulator issued “four observations” in Form 483 at the end of the preapproval inspection, company said.

The company is committed to addressing the observations comprehensively and within the stipulated time, it added.

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The share touched a 52-week high of Rs 423.10 on January 2, 2023 and a 52-week low of Rs 307.00 on April 26, 2023.

The stock is trading 19.33 percent below its 52-week high and 11.17 percent above its 52-week low.