IPCA slumps after FDA bans imports from 2 more plants
Shares in generic drugmaker IPCA Laboratories slumped over 12 per cent today, heading towards their biggest daily fall since July 2014, after the US Food and Drug Administration (FDA) issued an import alert against two of its plants.
At 11.30 am, the stock was trading down 12.34 per cent or Rs 93.80 at Rs 666.20 on the BSE.
The stock opened at Rs 688.50 and hit an intra-day high of Rs 712.60 and a low of Rs 666. The stock had closed at Rs 760 on Tuesday.
The US FDA said the import alert would apply to IPCA's Pithampur and Silvassa units in a notice posted on the regulator's web site on Tuesday.
US regulator had in January banned imports from a central Indian manufacturing plant of IPCA, citing violations of standard production practices.
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