Shares of Cipla Ltd. declined after the drug maker received Form 483 with eight inspectional observations from the U.S. drug regulator.
The U.S. Food and Drug Administration conducted a current Good Manufacturing Practices inspection at Cipla's Pithampur manufacturing facility from Feb. 6 to Feb. 17, the company said in a stock exchange filing over the weekend.
"The company will work closely with the U.S. FDA and is committed to address these comprehensively within stipulated time," Cipla added.
The scrip declined 6.02% to close at Rs 964, compared with a 0.56% decline in the Nifty 50. The total traded quantity stood at 4.8 times the 30-day average volume.
The relative strength index stood at 28, indicating that the stock may be oversold.
The stock had declined as much as 6.87% intraday.
Of the 43 analysts tracking the company, 31 suggested 'buy,' nine recommended 'hold,' and three maintained 'sell,' according to data compiled by Bloomberg. The stock's return potential implies an upside of 22.1% over the next 12 months.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
