Indoco Remedies fell 7.31% to Rs 318.30 at 11:35 IST on BSE on media reports that the US food and drug regulator issued form 483 with six observations to the company's Goa plant II and III.
Meanwhile, the BSE Sensex was up 74.40 points, or 0.26%, to 28,368.68.
On BSE, so far 43,000 shares were traded in the counter, compared with average daily volume of 9,498 shares in the past one quarter. The stock hit a high of Rs 328 and a low of Rs 312.40 so far during the day. The stock hit a 52-week high of Rs 360.35 on 7 September 2016. The stock hit a 52-week low of Rs 244 on 25 February 2016. The stock had outperformed the market over the past 30 days till 26 September 2016, rising 10.76% compared with 1.84% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 26.18% as against Sensex's 6.67% rise.
The mid-cap company has equity capital of Rs 18.43 crore. Face value per share is Rs 2.
According to reports, Indoco Remedies' Goa Plant II and III were inspected by US Food and Drug Administration (USFDA) from 31 August 2016 to 4 September 2016. Six observations cover quality, production systems, facilities and equipment, and customer complaints.
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The company's Goa Plant II is a sterile facility for ophthalmics and injectables approved by USFDA for ophthalmic preparations. The company's Goa Plant III has a capability to manufacture aqueous, non-aqueous and photo sensitive products.
Reports added that the company's Goa Plant II is important as most ophthalmic Abbreviated New Drug Applications (ANDAs) are filed from here.
Indoco Remedies' net profit declined 4.9% to Rs 19.79 crore on 15.8% rise in net sales to Rs 252.72 crore in Q1 June 2016 over Q1 June 2015.
Indoco Remedies is a fully integrated, research-oriented pharma vompany with presence in 55 countries.
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