US FDA Bans Drugs From 3 Ipca Plants Stock Tumbles 11%

The U.S. FDA has refused admission to all drugs manufactured at Ipca Laboratories' Pithampur and Silvassa facility. The ban will continue until the company can demonstrate that the drugs manufactured from these manufacturing sites and intended for the US market are in compliance with the current good manufacturing practice regulation (CGMP), the company stated a BSE filing.

The BSE filing further revealed that all drugs except API Chloroquine Phosphate made at Ratlam (Madhya Pradesh) unit have also been denied entry in the US.

Meanwhile, the stock was trading down by 11.1% at Rs 456.20 per share at 0930 hours IST on BSE. It witnessed a spurt in the volume by more than 79.06 times. The stock hit a high of Rs 468 and a low of Rs 437 in the morning session.

Ipca Laboratories Limited is engaged in pharmaceuticals business. The company is a manufacturer and supplier of active pharmaceutical ingredients (APIs).

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