Indoco Remedies has moved higher by 11% at Rs 123 in early morning deals, bouncing back 26% from intra-day low, on back of heavy volumes on the bourses after the company said that it has not received any warning letter from US Food and Drug Administration (USFDA).
A combined 3.3 million shares representing 8.79% of total equity of the company changed hands till 1320 hours on the BSE and NSE. The stock opened at Rs 116 and touched a low of Rs 98 on the BSE.
On Friday, the stock had tanked 20% after a letter issued by the US FDA to the company’s Goa plant in August 2013, highlighting concerns in its manufacturing practices, came into circulation.
However, the company has clarified that the Corrective Actions and Preventive Actions (CAPAs) were executed, updated reports with proof of compliance were sent for USFDA's perusal on October 23, 2013 and November 25, 2013.
With the last compliance report sent on November 25, 2013, all the issues stand resolved and the company is awaiting establishment inspection report (EIR), which normally takes 5-6 months time, Indoco Remedies said in a filing.
The company has not received any Warning letter from USFDA and were wish to inform you that no fresh development has taken place and that the Company is waiting the final approval from the USFDA.
Meanwhile, shares of pharmaceutical has been more than doubled from Rs 61 on July 31, 2013 compared to 10% rise in S&P BSE 500 index. The stock hit a record high of Rs 162 on earlier this month.
A combined 3.3 million shares representing 8.79% of total equity of the company changed hands till 1320 hours on the BSE and NSE. The stock opened at Rs 116 and touched a low of Rs 98 on the BSE.
On Friday, the stock had tanked 20% after a letter issued by the US FDA to the company’s Goa plant in August 2013, highlighting concerns in its manufacturing practices, came into circulation.
However, the company has clarified that the Corrective Actions and Preventive Actions (CAPAs) were executed, updated reports with proof of compliance were sent for USFDA's perusal on October 23, 2013 and November 25, 2013.
With the last compliance report sent on November 25, 2013, all the issues stand resolved and the company is awaiting establishment inspection report (EIR), which normally takes 5-6 months time, Indoco Remedies said in a filing.
The company has not received any Warning letter from USFDA and were wish to inform you that no fresh development has taken place and that the Company is waiting the final approval from the USFDA.
Meanwhile, shares of pharmaceutical has been more than doubled from Rs 61 on July 31, 2013 compared to 10% rise in S&P BSE 500 index. The stock hit a record high of Rs 162 on earlier this month.
