 "Nifty Pharma index hits 52-week low; Lupin at 18-month low")
Shares of pharmaceutical companies are under pressure with the Nifty Pharma index hitting its 52-week low on the National Stock Exchange (NSE) in an intra-day trade.
Lupin, Cipla, Glenmark Pharmaceuticals, Aurobindo Pharma, Sun Pharmaceuticals Industries and Dr Reddy’s Laboratories are down more than 3% each.
Alembic Pharmaceuticals, Ajanta Pharma, Strides Shasun, Marksans Pharma, Wockhardt and Natco Pharma are among few non-index pharma companies which have also fallen more than 4% each.
At 10:43 AM, the Nifty Pharma index is down 4.2% or 466 points at 10,495 as compared to a marginal 0.14% decline in the Nifty 50 index. The pharma index has touched an intra-day low of 10,354, also its 52-week low on the NSE.
Lupin, the largest loser among pharma pack, has tanked 14% to Rs 1,280 in an intra-day trade on the NSE. The stock is currently trading at its lowest level since August 28, 2014.
According to media reports, Lupin’s Mandideep unit in Madhya Pradesh was inspected by United States Food and Drug Administration (USFDA) in February.
The Exchange has sought clarification from Lupin with reference to the news flashed on CNBC TV 18 "Mandideep unit inspected by US FDA from 8-19 Feb 2016. US FDA observations at Mandideep unit are serious in nature and the unit gets 483 letter", BSE said in a statement.
The reply is awaited.
Since March 14, in nine trading sessions, the share of drug maker has fallen 32% from Rs 1,869 after the company said that the USFDA inspected Lupin’s Goa facility and cited 9 observations.
The observations are on aspects such as inadequacy and adherence to standard operating procedures and we are in the midst of putting together a response to address the USFDA’s observations, Lupin said on a clarification on news report.
Natco Pharma is down 4% to Rs 390, extending its previous day’s 13% fall on the NSE, after the company informed stock exchanges that two of its plants had received “observations” from the USFDA.
The company said it has sent compliance reports on these observations and believes there will be no adverse impact on its pipeline products from these facilities. According to the company, the FDA had inspected its Chennai and Kothur facilities in February and March, respectively.
Lupin, Cipla, Glenmark Pharmaceuticals, Aurobindo Pharma, Sun Pharmaceuticals Industries and Dr Reddy’s Laboratories are down more than 3% each.
Read more from our special coverage on "LUPIN"
Alembic Pharmaceuticals, Ajanta Pharma, Strides Shasun, Marksans Pharma, Wockhardt and Natco Pharma are among few non-index pharma companies which have also fallen more than 4% each.
At 10:43 AM, the Nifty Pharma index is down 4.2% or 466 points at 10,495 as compared to a marginal 0.14% decline in the Nifty 50 index. The pharma index has touched an intra-day low of 10,354, also its 52-week low on the NSE.
Lupin, the largest loser among pharma pack, has tanked 14% to Rs 1,280 in an intra-day trade on the NSE. The stock is currently trading at its lowest level since August 28, 2014.
According to media reports, Lupin’s Mandideep unit in Madhya Pradesh was inspected by United States Food and Drug Administration (USFDA) in February.
The Exchange has sought clarification from Lupin with reference to the news flashed on CNBC TV 18 "Mandideep unit inspected by US FDA from 8-19 Feb 2016. US FDA observations at Mandideep unit are serious in nature and the unit gets 483 letter", BSE said in a statement.
The reply is awaited.
Since March 14, in nine trading sessions, the share of drug maker has fallen 32% from Rs 1,869 after the company said that the USFDA inspected Lupin’s Goa facility and cited 9 observations.
The observations are on aspects such as inadequacy and adherence to standard operating procedures and we are in the midst of putting together a response to address the USFDA’s observations, Lupin said on a clarification on news report.
Natco Pharma is down 4% to Rs 390, extending its previous day’s 13% fall on the NSE, after the company informed stock exchanges that two of its plants had received “observations” from the USFDA.
The company said it has sent compliance reports on these observations and believes there will be no adverse impact on its pipeline products from these facilities. According to the company, the FDA had inspected its Chennai and Kothur facilities in February and March, respectively.
