Medplus Health Services Faces Share Dip as Mumbai Store's Drug License Gets Suspended

16 Feb 2024 , 01:14 PM

Medplus Health Services’ share price experienced marginal decline early on February 16 following the suspension of a subsidiary’s drug license for a Mumbai store. At the time of writing, Medplus Health Services was trading at ₹668.95, marking a 4.99% increase on the BSE.

The Thane Food and Drug Administration imposed a 15-day suspension on the drug license for the Khopat Thane store due to violations of various conditions.

In January, the company faced license suspension orders for six days for a store in Shankarayapally Jadcherla and seven days for a store in Hayath Nagar, both issued by the assistant director and drug sales licensing authority of the Drug Control Administration, Mahabubnagar TS.

In December, one of the subsidiary companies received similar orders from the assistant director and drug sales licensing authority and drug control authorities at various locations.

MedPlus Health Services, headquartered in Hyderabad, is India’s second-largest pharmacy chain, operating over 3,000 pharmacy stores across 374 cities as of 2022.

The company offers a range of products, including prescription and OTC medicines, FMCG products, vitamins, nutrition supplements, opticals, clinical laboratory services, and physician consultation services in Hyderabad, Vijayawada, and Bangalore. Additionally, MedPlus owns and operates an ePharmacy and an online clinical lab service.

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