Torrent Pharmaceuticals fell 1.78% to Rs 1636.45 after the company said its Indrad facility in Gujarat received a warning letter from the US drug regulator.
The company announced that it received a warning letter dated 8 October 2019 from the US Food & Drug Administration (USFDA) for its Indrad facility in Gujarat. This action follows the earlier intimation received from USFDA in August 2019, wherein the agency had classified its inspection as 'Official Action Indicated' (OAI).The company said it will engaged with the agency to resolve this issue at the earliest. The company is also committed to maintaining the highest standards of compliances and quality manufacturing across all its facilities. The company said it does not believe that the warning letter will have an impact of disruption of supplies or the existing revenues from operations of this facility.
Meanwhile, the S&P BSE Sensex was down 145.78 points or 0.38% to 38,032.17.
On the BSE, 35000 shares were traded in the counter so far compared with average daily volumes of 7517 shares in the past two weeks. The stock hit a high of Rs 1648 and a low of Rs 1554.65 so far during the day.
The stock hit a 52-week high of Rs 1964 on 29 Mar 2019. The stock hit a 52-week low of Rs 1453 on 23 Jul 2019.
On a consolidated basis, the pharma company's net profit rose 32.5% to Rs 216 crore on a 7.7% increase in net sales to Rs 1976 crore in Q1 June 2019 over Q1 June 2018.
Torrent Pharmaceuticals deals in the therapeutics segments of Cardiovascular (CV), Central Nervous System (CNS), Gastro-intestinal (GI), and Vitamins Minerals Nutritionals (VMN). It has a presence in more than 40 countries.
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