Shivalik Rasayan zooms 5% despite US FDA observations on Bharuch unit

Shivalik Rasayan share price | The share touched a 52-week high of Rs 890.05 and a 52-week low of Rs 498.00 on 07 August, 2023 and 14 March, 2024, respectively.

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The share price of Shivalik Rasayan rallied 5 percent in the early trade on April 10 despite US FDA issuing seven observations for its Bharuch facility.

At 9:22am, Shivalik Rasayan was quoting Rs 594, up Rs 30.25, or 5.37 percent, on the BSE.

The United States Food and Drug Administration (US FDA) inspected the API facility of Shivalik Rasayan at Plot No D-2/CH/41/A, Dahej- II, Industrial Estate Village- Vaddala Taluka-Vagra, Bharuch, Gujarat from April 1, 2024 and concluded on April 9, 2024, the company said.

The inspection closed successfully with seven observations. These observations are procedural in nature and will be responded within the stipulated time, the company said.

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The share touched a 52-week high of Rs 890.05 and a 52-week low of Rs 498.00 on August 7, 2023 and March 14, 2024. Currently, the stock is trading 33.26 percent below its 52-week high and 19.28 percent above its 52-week low.