Aurobindo Pharma trades down after 7 observations on Telangana unit from USFDA

Aurobindo Pharma Share Price | The USFDA inspected the injectable facility from 19th to 29th February 2024.

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Shares of Aurobindo Pharma were down marginally in the opening trade on March 1 after the company received seven observations from the United States Food and Drug Administration (USFDA).

At 9:17am, Aurobindo Pharma was quoting Rs 1,026.45, down Rs 1.00, or 0.10 percent, on the BSE.

The USFDA inspected the injectable facility of Eugia SEZ Pvt Ltd, a 100 percent step-down subsidiary of Aurobindo Pharma Ltd, at Polepally Village in Mahaboobnagar district of Telangana, from February 19 to 29.

The inspection closed with seven observations, which are procedural in nature and need be clarified within the stipulated time, the company said.

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Eugia Pharma Specialities Limited has restarted production in its terminally sterilised product lines at its Unit-III, that was temporarily stopped to address some of the observations of the USFDA in their recent inspection concluded on February 2.

“We expect to start the production in the aseptic lines of the facility in the March 2024,” said Aurobindo Pharma.

Broking house Sharekhan in its report dated February 20, has downgraded the stock to ‘hold’ with a revised price target of Rs 1,133 per share.

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