IPCA Labs' drugs from 2 plants face US FDA ban, shares fall
Abhishek Vishnoi March 25, 2015
The US Food and Drug Administration (FDA) issued and import alert against two of IPCA Laboratories' plants in a notice on Tuesday, after which the drugmaker's shares slumped 12.7 per cent on Wednesday.
IPCA Labs shares were headed towards their biggest daily fall since July 2014, after the US FDA issued an import alert on its website against the drug firm's Pithampur and Silvassa units.
This is the second blow to IPCA as the US drug regulator had in January banned imports from a central domestic manufacturing plant of the Mumbai-based pharma major, citing violations of standard production practices.
Shares of IPCA were trading at Rs 675.55 apiece, down 84.45 points (or 11.11 per cent) on the Bombay Stock Exchange (BSE) in morning trade on Wednesday.