 "Ipca Labs dips as order for ACTs unlikely from Global Fund")
Shares of Ipca Laboratories were down 11% at Rs 495 on the Bombay Stock Exchange on concerns that revenues may take a hit after the company said it would not get orders for Artemisinin based Combination Therapy (ACT) from Swiss-based The Global Fund.
In light of the warning letter issued by the USFDA on January 29,2015, The Global Fund, Geneva, Switzerland has re-assessed the situation and following a risk consideration exercise, will not allocate any volune of ACTs to the company, Ipca Laboratories said in a release.
The Global Fund will only source ACTs from other pre-qualified suppliers that have no outstanding issues with the regulators.
The stock opened at Rs 529 and touched a low of Rs 479. At 12pm, over 3.3 million shares were traded on both the stock exchanges.
