Shilpa Medicare slips after USFDA issues 10 observations

The stock slipped 6% to Rs 599 on the BSE in intra-day trade.

Shilpa Medicare slipped 6% to Rs 599 on the BSE in intra-day trade after the company announced that it has received ten 483 observations from the US drug regulator in relation to SEZ formulation facilities located at Telangana.

“The company has received 483 Observations from the United States Food & Drug Administration (USFDA) in relation to SEZ Formulation Facilities situated at Jadcherla, Telangana (near Hyderabad),” Shilpa Medicare said in a statement.

Total 10 observations were cited during the close up meeting. Of these 7 observations are improvement in procedures and practices, while 3 observations are related to setting of analytical specifications, test procedures and method validation, it added.

At 01:37 PM; the stock was trading 4% lower at Rs 609 as compared to 0.44% decline in the S&P BSE Sensex. A combined 191,781 shares changed hands on the counter on the NSE and BSE so far.