Cipla share price hits 52-week low as USFDA issues 12 observations for Goa facility

Cipla share price fell to a fresh 52-week low after the company received 12 observations by USFDA for its manufacturing facility in Goa. "United States Food and Drug Administration (USFDA) conducted a CGMP inspection at our Goa manufacturing facility from September 16-27,2019," company's filing said.

The inspection ended with 12 observations, none of which are related to data integrity, the company said, adding that it would respond to the agency within the stipulated timeline. With a trend reversal after two days of consecutive gain, Cipla share price fell 4.88% intraday to hit a fresh 52-week low of Rs 418 on the BSE, against its last closing price of Rs 439.45. Cipla stock price traded lower than 5, 20, 50, 100 and 200-day moving averages.

Volume-wise, shares amounting to 1.7 lakh shares and 63 lakh shares traded by the closing bell on BSE and NSE, both above their 5, 10 and 30-day average volume traded.

Cipla share price ended 3.28% lower at Rs 425 on the BSE.

By Rupa Burman Roy

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