Granules India falls 10% for second time this year after US FDA gives 'OAI' tag to facility

Granules India

03/12/2024 10:13

** Shares of pharmaceuticals maker Granules India  GRAN.NS 
close down 10.3%
    ** This is only the second session this year that the stock
has declined by 10% or more
    ** Stock top loser on the Nifty Pharma index  .NIPHARM ,
which slips about 0.1%
** US FDA classifies inspection co's Gagillapur facility as
'official action indicated' (OAI); the classification means
regulatory or administrative actions are recommended
    ** Co says it has responded to all observations issued by
the US FDA and voluntarily undertaken evaluation of facility, in
consultation with external subject matter experts
    ** Trading vols at 18.4 mln, highest since mid-September
    ** GRAN stock has risen around 32% YTD, NIPHARM also up
about 33%

(Reporting by Vijay Malkar)
((VijayDattaram.Malkar@thomsonreuters.com;))