Cipla hits fresh 52-week low on 12 USFDA observations

United States Food and Drug Administration (USFDA) completed inspection at Cipla’s Goa manufacturing facility, with 12 observations. Reacting to the news, the shares of Cipla tumbled over 4 per cent intraday on Monday morning to hit fresh 52-week low of Rs. 418 in BSE.

USFDA had carried out the inspection in line with the Current Good Manufacturing Practice (CGMP) regulations. The inspection was conducted from September 16 to September 27, 2019. Though the inspection ended with 12 observations; however, the company stated that none were related to data integrity in a press release on Saturday. The company said that it will respond to the agency within the stipulated timeline.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

The shares of Cipla on Monday opened at Rs. 432 as against Friday’s close of Rs 439.45. At 12:02 hours it was trading at Rs. 423, down 3.74 per cent from its previous close. The stock hit an intraday high of Rs. 432 and intraday low was Rs. 418. Its 52-week high was Rs. 663 and 52-week low was Rs. 418 per share on the BSE.