IPCA Laboratories, a Mumbai-based drugmaker, witnessed a sharp fall in share price on Friday after following reports that the company had got an alert from US pharma regulator USFDA for its Ratlam unit.

The U.S. Food and Drug Administration (FDA) has banned imports from Indian generic drugmaker Ipca Laboratories plant at Ratlam in Madhya Pradesh due to violations of standard production practices. The company had received a 483 earlier for this plant. Ipca had voluntarily halted shipments to the United States from the plant in July last year after the FDA outlined half a dozen violations including data integrity issues. We are not changing our estimates as we had already pruned the same when company got a 483's.

Shares of the company are trading at Rs 644, down Rs 55.3, or 7.91% at the Bombay Stock Exchange (BSE) on Friday at 1:14 p.m.The scrip has touched an intra-day high of Rs 681.05 and low of Rs 637.35. The total volume of shares traded at the BSE is 380,117.