Medplus Health Services Shares Dip as Subsidiary Faces Drug License Suspension

29 Dec 2023 , 10:53 AM

Medplus Health Services witnessed a decline in share price during early trade on December 29, following the suspension of a subsidiary company’s drug license.

In the early trade, Medplus Health Services was trading at Rs 740.40, reflecting a decrease of Rs 4.40 or 0.59 % on the BSE.

The subsidiary company received suspension orders from the Assistant Director & Drug Sales Licensing Authority and drug control authorities across various locations.

A seven-day suspension order was issued for the store situated at Kongareddy Palli, Chittoor District, Andhra Pradesh.

Stores located at Horamavu Main Road, Bangalore, and HBR Layout – 2, Bangalore, faced a three-day suspension of drug licenses from Bangalore Circle-5, Karnataka.

The orders, received on December 26, were based on violations of specified conditions in the licenses issued under Section 65/Rule 65 of the Drugs and Cosmetics Act, 1940, and Drugs and Cosmetics Rules, 1945.

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