Granules India dips over 10% as Telangana facility gets 11 observations

The stock dipped nearly 11% to Rs 97.80 on BSE in early morning trade on back of heavy volumes

Granules India has dipped nearly 11% to Rs 97.80 on BSE in early morning trade after the pharmaceutical company said it has received 11 observations from Infarmed (InstitutoNacional da Farmacia E Do Medicamento), the Portuguese drug regulator, for its facility located at Gagillapur, Telangana.

These observations were issued by Infarmed after it conducted a renewal inspection on the company's Gagillapur facility, which manufactures pharmaceutical formulation intermediates (PFIs) and finished dosages (FDs).

Granules India said the company has initiated necessary steps to address the observations of the inspection agency and will submit its response with a corrective and preventive