Shares of Glenmark Pharmaceuticals tumbled over 9 per cent on Monday after the company received a warning letter from the US health regulator for its Baddi facility in Himachal Pradesh.
On the BSE, shares of the drug firm closed 9.30 per cent lower at Rs 286.30. Intra-day, the stock nosedived 14.54 per cent to its 52-week low level of Rs 269.75
A similar movement was seen on the NSE as well where the stock fell to its 52-week low level of Rs 270 in day trade. It settled at Rs 285.65, down 9.45 per cent from its previous close.
The market capitalisation of the company eroded by over Rs 549.48 crore at Rs 8,078.47 crore.
Drug firm Glenmark Pharmaceuticals on Saturday said it had received a warning letter from the United States Food and Drug Administration (USFDA) for its Baddi facility in Himachal Pradesh.
The USFDA had inspected the facility between April 15 and April 20, Glenmark said in a BSE filing on Saturday.
"The company is committed to work along with the USFDA to implement all the necessary corrective actions required to address the concerns raised in the letter and is in the process of preparing a detailed response to the USFDA within 15 working days," Glenmark said.
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