Medplus Health Services shares fall as authorities suspend drug licence of subsidiary

One of the subsidiary company has received orders from Assistant Director & Drug Sales Licensing Authority, Drug Control administration from various locations.

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The share price of Medplus Health Services fell in early trade on December 29 after a subsidiary company received a drug licence suspension order.

At 9:24am, Medplus Health Services was quoting at Rs 740.40, down Rs 4.40, or 0.59 percent, on the BSE.

One of the subsidiary company has received orders from Assistant Director & Drug Sales Licensing Authority and drug control authorities from various locations, the company said.

The company received the licence suspension order for seven days from the date of receipt of the order for stores located at Kongareddy Palli, Chittoor, District, Andhra Pradesh.

Bangalore Circle-5, Karnataka, has suspended the drug licence for three days for stores located at Horamavu Main Road, Bangalore, and Bangalore Circle-5, Karnataka, has suspended drug license for 3 days for store located at HBR Layout – 2, Bangalore.

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The company received the orders on December 26 for violation of various conditions of licences issued pursuant to provisions of Section 65 / Rule 65 of Drugs and Cosmetics Act, 1940 and Drugs and Cosmetics Rules, 1945.