Ipca hits 52-week low as Geneva-based fund not to source malaria drug
Switzerland-based Global Fund will not source malaria drug from Ipca Laboratories as the company has received a warning letter from the US health regulator for lapses in manufacturing norms at three of its facilities.
- Apr 8, 2016,
- Updated Apr 8, 2016 3:59 PM IST
Shares of Ipca Laboratories slumped over 14 per cent on Friday as Switzerland-based Global Fund, which financially supports various disease eradication programmes, will not source malaria drug from the company.
The stock plunged 14 per cent to Rs 480 - its 52-week low - on BSE. The scrip settled the day 10.6 per cent lower.
On NSE, it tanked 14.29 per cent to hit its one-year low of Rs 478.60.
Switzerland-based Global Fund will not source malaria drug from Ipca Laboratories as the company has received a warning letter from the US health regulator for lapses in manufacturing norms at three of its facilities.
In a regulatory filing, Ipca Laboratories on Thursday said the Geneva-based organisation that provides financial aid against AIDS, tuberculosis and malaria, has informed the company about its decision on Wednesday via a letter.
"In the light of the warning letter issued to the company by the USFDA on January 29, 2016, they (The Global Fund) have re-assessed the situation and following a risk consideration exercise, will not allocate any volume of Artemisinin based Combination Therapy (ACTs) to the company," Ipca Laboratories said.
Shares of Ipca Laboratories slumped over 14 per cent on Friday as Switzerland-based Global Fund, which financially supports various disease eradication programmes, will not source malaria drug from the company.
The stock plunged 14 per cent to Rs 480 - its 52-week low - on BSE. The scrip settled the day 10.6 per cent lower.
On NSE, it tanked 14.29 per cent to hit its one-year low of Rs 478.60.
Switzerland-based Global Fund will not source malaria drug from Ipca Laboratories as the company has received a warning letter from the US health regulator for lapses in manufacturing norms at three of its facilities.
In a regulatory filing, Ipca Laboratories on Thursday said the Geneva-based organisation that provides financial aid against AIDS, tuberculosis and malaria, has informed the company about its decision on Wednesday via a letter.
"In the light of the warning letter issued to the company by the USFDA on January 29, 2016, they (The Global Fund) have re-assessed the situation and following a risk consideration exercise, will not allocate any volume of Artemisinin based Combination Therapy (ACTs) to the company," Ipca Laboratories said.