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Aurobindo Pharma stock falls over 7% on USFDA warning for Andhra Pradesh plant

Aurobindo Pharma share has fallen 0.39% during the last one year and lost 17.31% since the beginning of this year.

twitter-logo BusinessToday.In        Last Updated: June 21, 2019  | 14:46 IST
Aurobindo Pharma stock falls over 7% on USFDA warning for Andhra Pradesh plant
Aurobindo Pharma share has fallen 0.39% during the last one year and lost 17.31% since the beginning of this year.

Aurobindo Pharma stock price fell in trade today after the firm received a warning letter from the USFDA for Srikakulam facility after the February inspection. Aurobindo Pharma share price fell up to 7.68% to 578.75 on BSE. Aurobindo Pharma share has fallen 0.39% during the last one year and lost 17.31% since the beginning of this year.

The large cap stock has seen selling pressure on the counter since early trade today. 25 of 31 brokerages rate the stock "buy" or 'outperform' and five "hold", according to analysts' recommendations tracked by Reuters.

Aurobindo Pharma share price was trading below its 50-day and 200 day moving averages of 682 and 741 levels, respectively.

 4.14 lakh shares of the firm changed hands amounting to a turnover of Rs 24.67 crore on BSE.

"We inform that the Company has received a warning letter dated June 20, 2019, from USFDA relating to our Unit XI, API manufacturing facility at Srikakulam District, Andhra Pradesh. This action follows the earlier inspection of the site by the USFDA in February 2019," the company said in a regulatory filing.

At 2: 38 pm, Aurobindo Pharma share price was trading 3.72% or 23 points lower at 603 on BSE. Meanwhile, Sensex was trading 367 points lower at 39,234 level. Nifty too fell 89 points to 11,741 level.

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