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Aurobindo Pharma share price rises after firm clarifies on USFDA observations

Aurobindo Pharma share price rose 5.13% to Rs 482 compared to the previous close of Rs 458.50 on BSE.

twitter-logo BusinessToday.In        Last Updated: October 9, 2019  | 12:33 IST
Aurobindo Pharma share price rises after firm clarifies on USFDA observations
Aurobindo Pharma share price has gained after two days of fall.

Aurobindo Pharma share price rose today after the firm clarified that none of the observations issued by US Food and Drug Administration (FDA) were related to data integrity. The company said it was confident of addressing these issues within the stipulated timeline.

Aurobindo Pharma share price rose 5.13% to Rs 482 compared to the previous close of Rs 458.50 on BSE.

Aurobindo Pharma has gained after two days of fall. The stock opened with a gain of 2.94% on BSE.

The pharma stock has lost 38% during last one year and fallen 35.15% since the beginning of this year. On Monday, the stock fell 20% to its 52-week low of Rs 450 after US drug regulator issued seven adverse observations for the Indian pharma firm.

The company, in an exchange filing, said that the US Food and Drug Administration (FDA) has issued seven observations, including failure to thoroughly follow procedures applicable to quality control, after inspecting its Unit-7 between September 19-27, 2019. The scrip closed trade at Rs 458.50, down 19.16 per cent. On the National Stock Exchange (NSE), stocks of Aurobindo Pharma ended 20.41 per cent lower at Rs 451.70 after opening lower at Rs 560.55.

The drug regulator also observed that the control procedures were not established, while written production and process controls were not developed in execution of production, process controls.

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