IPCA Laboratories, a Mumbai-based drugmaker, announced that the US FDA inspected its fomulations manufacturing units situated in SEZ Indore (Pithampur) and Piparia (Silvassa) and had issued their inspection observations in Form FDA 483 to the said manufacturing units.

The US FDA has issued import alert to the company's said formulations manufacturing unit at SEZ Indore (Pithampur) and Piparia (Silvassa) on Mar. 24, 2015. The company has voluntarily decided to suspend API shipments from Ratlam manufacturing unit for the US market till the US FDA inspection observation issue is resolved.

Shares of the company declined Rs 95.35, or 12.55%, to settle at Rs 664.65. The total volume of shares traded was 756,694 at the BSE (Wednesday).