Lincoln Pharmaceuticals shares received severe drubbing today, falling by 20 per cent, after the firm said its highest selling Chloramphenicol Sodium Succinate injection has been banned in Tanzania and the company's registration has also been cancelled there.
Following this, shares of the company plunged 19.96 per cent to settle at Rs 179.20 on BSE - its lowest trading permissible limit for the day.
At NSE, shares of the company tumbled 20 per cent to close at Rs 179.25.
Chloramphenicol Sodium Succinate Injection is an antibiotic used to treat serious bacterial infections.
"Lincoln Pharmaceuticals Ltd is exporting medicines to many African countries... One of the highest selling product is Chloramphenicol Sodium Succinate injection.
"Tanzania drug Authority (TFDA) has banned import of this product and company's registration has been cancelled," the company said in a regulatory filing.
It further said: "In this circumstance a huge quantity dispatched to Tanzania has (been) kept on hold there and the authority has issued a notice to destroy the product."
However, the Ahmedabad-based firm did not specify the reason why its product has been banned in the African nation.
