Jubilant Life Sciences dips on receiving warning letter from FDA

JHS located at Kirkland, Quebec, Canada has been issued a warning letter by USFDA identifying significant violations of current Good Manufacturing Practices.

Jubilant Life Sciences has dipped over 6% to Rs 174, falling 8.4% from intra-day high, after the company said that it has received a warning letter for one of its manufacturing facility located in Canada.

“Jubilant HollisterStier General Partnership (JHS) located at Kirkland, Quebec, Canada has been issued a warning letter by US Food and Drug Administration (FDA) identifying significant violations of current Good Manufacturing Practices (cGMP) Regulations,” Jubilant Life Sciences said in a filing.

The company will respond to this warning letter on or before March 15, 2013, it added.

Meanwhile, the company expects that the on-going manufacturing, distribution and sale of products will not be affected by this warning letter. 

JHS is committed to implementing the necessary corrective actions required to address the FDA concerns, and will work closely with the FDA to bring resolution to this matter, the company said.

The stock opened at Rs 189 and hit a high of Rs 190 on NSE. A combined 256,042 shares have already changed hands on the counter so far against an average less than 100,000 shares that were traded daily in past two weeks.