Natco Pharma slumped 8.32% to Rs 429.40 at 10:25 IST on BSE after the company said that it has received 483 observations for two of its manufacturing facilities after an inspection was conducted by the USFDA.
The announcement was made on Sunday, 27 March 2016.Meanwhile, the BSE Sensex was down 65.62 points, or 0.26%, to 25,271.94.
More than normal volumes were witnessed on the counter. On BSE, so far 1.03 lakh shares were traded in the counter, compared with an average volume of 44,136 shares in the past one quarter. The stock hit a high of Rs 438.80 and a low of Rs 417.10 so far during the day. The stock hit a record high of Rs 623.60 on 5 January 2016. The stock hit a 52-week low of Rs 365.79 on 28 April 2015.
The mid-cap company has an equity capital of Rs 34.83 crore. Face value per share is Rs 2.
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 the United States Food & Drug Administration (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. The company 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% rise 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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