Granules India falls after facility gets warning letter from US FDA

Granules India

28/02/2025 04:21

** Shares of Granules India GRAN.NS slide as much as 7% to 471.5 rupees, their lowest in eight months

** Stock last down 6.6%; biggest pct loser on Nifty pharma index .NIPHARM, which is down 1.3%

** Pharma co's Gagillapur facility gets US FDA warning letter based on inspection conducted in August 2024

** The warning letter may temporarily impact the FDA review of pending product submissions from this site until the issue is resolved - GRAN

** The U.S. FDA classified the facility as "official action indicated", sending its shares down over 10%, on December 3

** GRAN stock has fallen ~11% since December 3

** Four brokerages' avg rating on stock is "strong buy", median PT is 657.5 rupees - data compiled by LSEG

** Year-to-date, GRAN down 14%; Nifty pharma index also 14% lower

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))