Shares of IPCA Laboratories dropped 4.9 percent on Monday, June 26, due to eight identified issues by the US Food and Drug Administration (USFDA) during its inspection of the company's facilities in Indore and Pithampur from June 15 to 23.
However, the stock recovered and was trading at ₹737.55 apiece, up by 1.42 percent, at 12:20 p.m. on the NSE.
The FDA, upon discovering objections at various locations, has additionally issued Form 483 to IPCA Labs.
During Monday’s trade, the stock opened at a price of Rs. 700 per share against the previous close of Rs. 727.20 per share and fell further during the early trading session to hit an intraday low of Rs. 691.20 apiece.
The stock touched a 52-week high of Rs. 1,034.30 on August 05, 2022 and a 52-week low of Rs. 669.80 on May 22, 2023, indicating that at the current level, the stock is trading 9.69 percent above its 52-week low and 28.6 percent below its 52-week high.
The stock has surged nearly 8 percent in the last one month. In the past six months, it has been down by almost 13 percent. However, in the last five years, it has yielded a return of over 110 percent.
Ipca Laboratories stated that it will provide a comprehensive response to the USFDA regarding these observations within the specified timeframe.
The company expressed its commitment to closely collaborate with the agency in order to promptly address and resolve these issues.
Previously, on June 14, the USFDA issued a Form 483 containing 11 observations for Ipca Laboratories' APIs manufacturing facility located in Ratlam, Madhya Pradesh.
IPCA Laboratories Limited is an India-based pharmaceutical company. The company is manufacturing and marketing over 350 formulations and approximately 80 active pharmaceutical ingredients (APIs) covering various therapeutic segments.
According to a MintGenie poll, 17 analysts on average have a ‘HOLD’ call on the stock.
