Ipca Laboratories down 3% after USFDA flags concerns about MP unit

Earlier this month, the company said the income tax department carried out “survey proceedings” at its offices in Mumbai and at manufacturing plants in Sikkim

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Ipca Laboratories’ share price fell 3 percent in the early trade on June 14 after the United States Food and Drug Administration (USFDA) issued a Form 483 with 11 observations.

The US drug regulator conducted the inspection of Ipca Laboratories‘ APIs manufacturing facility situated in Madhya Pradesh’s Ratlam from June 5 to June 13, 2023 and issued a Form 483 with 11 observations.

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

Earlier this month, the company said the income tax department has carried out “survey proceedings” at its offices in Mumbai and at manufacturing plants in Sikkim between May 30 and June 3.

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At 09:56 hrs Ipca Laboratories was quoting at Rs 717.65, down Rs 17.20, or 2.34 percent on the BSE.

The share touched a 52-week high of Rs 1,033.50 and a 52-week low of Rs 670.00 on 05 August, 2022 and 22 May, 2023, respectively.

Currently, it is trading 30.56 percent below its 52-week high and 7.11 percent above its 52-week low.

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