Shares of GlaxoSmithKline Pharmaceuticals fell in early trade today as the pharmaceutical firm was contacted by regulatory authorities regarding the detection of genotoxic nitrosamine NOMA in ranitidine products.
Shares of GlaxoSmithKline formed a gap down chart pattern today at the opening bell and started day's trade 1.35% lower at Rs 1,416 apiece, against the last closing price of Rs 1,435.45 on the BSE. Later, the stock price fell 3.51% to intraday low of Rs 1,385. The GSK Pharma stock has fallen nearly 5% in the last 2 sessions.
Volume-wise, 3,000 shares and 0.26 lakh shares were trading on BSE and NSE, respectively.
"Based on the information received and correspondence with regulatory authorities, GSK made the decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations," GSK Pharma said in the press release submitted to the exchanges, after market hours.
GSK Pharma said that it would continue with investigations into the potential source of the NOMA. "These investigations include continued engagement with our API suppliers. Patient safety remains the Company's utmost priority and we are taking this issue very seriously, " the filing added.
As of 1055 IST, the share price of GlaxoSmithKline Pharmaceuticals was trading 2.72% lower at Rs 1,396 on BSE.
By Rupa Burman Roy