Aurobindo Pharma Faces Share Price Dip as USFDA Issues 10 Observations to Subsidiary

26 Dec 2023 , 02:47 PM

Aurobindo Pharma’s share price declined in the opening trade on December 26 due to 10 observations from the USFDA received by its subsidiary. At 9:31 am, Aurobindo Pharma was quoted at Rs 1,060.00 on the BSE, marking a 0.58 % decrease. At the time of writing, the stock was trading at Rs 1059 making a 0.68% dip.

The USFDA conducted a pre-approval inspection at Eugia US Manufacturing LLC, Aurobindo Pharma’s subsidiary in New Jersey.

The inspection period was from December 11 to 22, 2023, resulting in 10 procedural observations. Responses to the observations will be provided within the stipulated time, and the plant is yet to begin commercial operations.

Last week, the USFDA classified a plant operated by Aurobindo Pharma’s subsidiary, APL Healthcare in Tirupati, as ‘Voluntary Action Indicated.’

This classification, based on identified deficiencies during inspection, does not warrant official regulatory action. The inspection took place at Unit IV of APL Healthcare Limited in Tirupati, Andhra Pradesh.

Aurobindo Pharma reported an 85 % YoY rise in consolidated net profit to Rs 757 crore for the July-September quarter of the current financial year.

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