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02 December, 2020 00:53 IST
Aurobindo Pharma locked in lower circuit as USFDA reopens investigation of Hyd unit
Source: IRIS | 24 Feb, 2020, 09.14PM
Rating: NAN / 5 stars.
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Aurobindo Pharma shares hit the lower circuit on Monday after the USFDA rescinded the 'Voluntary Action Indicated' (VAI) letter for the company's Unit-IV in Hyderabad within three days of its issuance. The company also said that that the inspection is still open, with the status under review.

Aurobindo Pharma's stock price plunged 10 percent to Rs 539.60 per share intraday on BSE.

On Wednesday, the drug major informed the receipt of the Establishment Inspection Report with Voluntary Action Initiated (VAI) status from the US drug regulator. The USFDA issued the report after concluding an inspection at the drug manufacturer’s key injectable plant Unit 4.

Unit-IV is the company's key sterile facility, expected to account for USD 170 million or 10 percent of FY20's estimated sales, and has the largest number of filings pending approval for the firm at 47 ANDAs.

Shares of the company declined Rs 95.7, or 15.96%, to settle at Rs 503.85. The total volume of shares traded was 625,219 at the BSE (Monday).

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