Ipca Laboratories' Share Price Slides 4%

26 Jun 2023 , 12:48 PM

The share price of Ipca Laboratories experienced a 4% decline in early trade on June 26, following the issuance of Form 483 by the US Food and Drug Administration (USFDA) on its Pithampur formulations facility, citing eight observations.

The inspection by the USFDA took place from June 15 to June 23 at the Madhya Pradesh facility, according to Ipca Laboratories. Ipca Laboratories stated that it would provide a comprehensive response to these observations within the given timeframe and collaborate closely with the USFDA to resolve the issues promptly.

This incident adds to the company’s recent challenges, as on June 14, the USFDA issued a Form 483 with 11 observations for Ipca Laboratories’ APIs manufacturing facility in Ratlam, Madhya Pradesh.

In addition, the income tax department conducted survey proceedings at Ipca Laboratories’ offices in Mumbai and Sikkim manufacturing plants between May 30, 2023, and June 03, 2023.

As of the time of writing, on the BSE, Ipca Laboratories was trading at Rs 736.35, or 1.26%. As per data,  the share reached a 52-week high of Rs 1,033.50 on August 5, 2022, and a 52-week low of Rs 670 on May 22, 2023.

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