 "Divi's Labs tanks over 30% in two trading days; hits 28-month low")
Divi’s Laboratories continued to trade under pressure falling to its 28-month low at Rs 745, down 14% on the BSE in early morning trade. The stock was trading at its lowest level since August 2014.
In past two trading sessions, it tanked 33% from Rs 1,109 on Thursday, after a brokerage report cited 'manipulated data records' as one of the observations made by the US Food and Drug Administration (USFDA) against its Vizag facility. CLICK HERE TO READ FULL REPORT
Divi’s Labs clarified to exchanges that the observations have not impacted its operations.
The company’s Unit-II at Vishakhapatnam was inspected by the US drug regulator between November 29 and December 6 and issued Form 483 with five observations following the inspection.
Investors lost a whopping an over Rs 9,500 crore in past two trading sessions. The company’s market capitalisation declined by Rs 9,570 crore to Rs 19856 crore today as against Rs 29,430 crore on Thursday.
At 09:51 am; the stock was down 13% at Rs 755 on the BSE as compared to 0.95% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 5.73 million shares changed hands on the BSE and NSE so far.
In past two trading sessions, it tanked 33% from Rs 1,109 on Thursday, after a brokerage report cited 'manipulated data records' as one of the observations made by the US Food and Drug Administration (USFDA) against its Vizag facility. CLICK HERE TO READ FULL REPORT
Divi’s Labs clarified to exchanges that the observations have not impacted its operations.
The company’s Unit-II at Vishakhapatnam was inspected by the US drug regulator between November 29 and December 6 and issued Form 483 with five observations following the inspection.
Investors lost a whopping an over Rs 9,500 crore in past two trading sessions. The company’s market capitalisation declined by Rs 9,570 crore to Rs 19856 crore today as against Rs 29,430 crore on Thursday.
At 09:51 am; the stock was down 13% at Rs 755 on the BSE as compared to 0.95% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than five-fold with a combined 5.73 million shares changed hands on the BSE and NSE so far.