Hikal soars as USFDA issues 'Zero' 483 observations for Bangalore facility

The stock soared 18% to Rs 257, also its record high on the NSE in intra-day trade

Hikal soared 18% to Rs 257, also its record high on the National Stock Exchange (NSE) after the US healthy regulator issued ‘’zero” 483 observations for the company’s facility located at Bangalore.

The pharmaceutical company said that its active pharmaceutical ingredient (API) and intermediates manufacturing facility located at Jigani, Bangalore was recently inspected by the United State Food and Drug Administration (US FDA) in compliance with their requirements.

“At the end of the successful inspection, we have been informed by the Investigator that ''zero'' 483 observations were issued. This was a routine inspection by the US FDA”, Hikal said in a regulatory filing.

At 02:57 pm; the stock was up 13% at Rs 246 on the NSE. The trading volumes on the counter jumped more than 10-fold with a combined 1.11 million shares changed hands on the NSE and BSE so far.