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Cipla share price loses over 5% after USFDA issues warning letter for Goa unit

Share price of Cipla lost up to 5.72% to Rs 401 compared to the previous close of Rs 425.35 on BSE

twitter-logo BusinessToday.In        Last Updated: February 26, 2020  | 14:39 IST
Cipla share price loses over 5% after USFDA issues warning letter for Goa unit
Cipla share price has lost 23.29% during the last one year and fallen 11.77% since the beginning of this year

Cipla share price fell in early trade today after the pharma firm said it received a warning letter from USFDA after inspection of Goa manufacturing facility conducted in September last year.

"The company remains committed to maintain the highest standards of compliance and will work closely with the agency to comprehensively address all the observations," Cipla said today.

Share price of Cipla lost up to 5.72% to Rs 401 compared to the previous close of Rs 425.35 on BSE. Total  1.08 lakh shares of the firm changed hands amounting to turnover of Rs 4.49 crore.

Also read: Cipla ready with repurposed HIV drug to combat coronavirus

The large cap stock has lost 4% in last three days.  It opened with a loss of 5.44% at Rs 402.20 today. Cipla share price is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Cipla stock has lost 23.29% during the last one year and fallen 11.77% since the beginning of this year.

In January this year, USFDA had classified the inspection conducted at Cipla's Goa manufacturing facility from September 16-27, 2019 as official action indicated (OAI).

In response, the firm had said it did not believe that this would have any material impact on the US business at this stage. "The Company has a strong track record of maintaining the highest standard of compliance and will work closely with the agency to comprehensively address the observations received," said Cipla in a communication to bourses.

Also read: Cipla acquires four women's health brands from Wanbury

By Aseem Thapliyal

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