Panacea Biotec hit a lower circuit of 5% at Rs 184.45 after the US drug regulator issued a warning letter to the drug maker's unit in Baddi, Himachal Pradesh.
The United States Food and Drug Administration (USFDA) issued a warning letter to company following its inspection of the company's Baddi plant conducted from 10 to 20 February 2020.
According to a statement published on the website of the US FDA, the warning letter summarizes significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals.
Until you correct all violations completely and we confirm your compliance with CGMP, FDA may withhold approval of any new drug applications or supplements listing your firm as a drug manufacturer, the US drug regulator said.
Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.
The company reported a net loss of Rs 8.84 crore in Q1 June 2020 as compared with a net loss of Rs 29.21 crore in Q1 June 2019. Net sales jumped 208.10% to Rs 76.48 crore in Q1 June 2020 over Q1 June 2019.
In the past three months, the stock has lost 8.44% while the benchmark S&P BSE Sensex gained 9.37% during the same period.
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