India's Ipca Laboratories slides after USFDA issues observations

Ipca Laboratories

14/06/2023 05:25

** Shares of Ipca Laboratories Ltd  IPCA.NS  fall as much as
3.1% to 712.4 rupees, biggest intraday pct loss since April 26
    ** Pharmaceutical firm says USFDA issued 11 observations at
the conclusion of inspection at IPCA's manufacturing facility in
Madhya Pradesh state
    ** "Will submit response on observations to USFDA and shall
work with agency to resolve issues at the earliest" - IPCA
    ** Stock trading below its 50-, 100-, and 200-day moving
averages
    ** Trading volume at ~521,200 shares, 0.9x the 30-day avg of
~610,700 shares as of 9:40 a.m. IST 
    ** Average rating of 19 analysts covering stock equivalent
of "hold"; median PT is 865 rupees - Refinitiv data
    ** Including session's losses, stock last down nearly 14% so
far this year


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))