Natco Pharma lost 4.23% to Rs 392 at 11:56 IST on BSE, with the stock extending Monday's sharp slide triggered by the company receiving 483 observations from US Food and Drug Administration for two of its manufacturing facilities.
Meanwhile, the S&P BSE Sensex was down 43.94 points or 0.18% at 24,922.46.
On BSE, so far 1.81 lakh shares were traded in the counter as against average daily volume of 53,535 shares in the past one quarter. The stock hit a high of Rs 413.30 and a low of Rs 390 so far during the day. The stock had hit a 52-week low of Rs 365.79 on 28 April 2015. The stock had hit a record high of Rs 623.60 on 5 January 2016.
The mid-cap company has equity capital of Rs 34.83 crore. Face value per share is Rs 2.
Shares of Natco Pharma tanked 16.3% in two trading sessions from its close of Rs 468.35 on 23 March 2016 after the company on 27 March 2016 said it has received 483 observations from US Food and Drug Administration (USFDA) for two of its manufacturing facilities. The stock had slumped 12.61% to settle at Rs 409.30 yesterday, 28 March 2016. Natco Pharma said that it received 483 observations for two of its manufacturing facilities and believed them to be of minor in nature after an inspection was conducted by USFDA recently. The USFDA had conducted an inspection in the active pharmaceutical ingredients (API) manufacturing facility at Manali, near Chennai, and the pharmaceutical formulations facility at Kothur, near Hyderabad, during early February and March 2016, respectively. Natco Pharma said it has already sent response and compliance report for these observations and believes that there would be no adverse impact to its current or future pipeline products coming from these facilities.
On a consolidated basis, net profit of Natco Pharma rose 159.1% to Rs 37.15 crore on 42.8% growth in net sales to Rs 263.12 crore in Q3 December 2015 over Q3 December 2014.
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Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
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