India's Laurus Labs slides after facility gets US FDA observations

Laurus Labs

13/12/2023 04:02

** Shares of Laurus Labs  LAUL.NS  fall as much as 3.1% to
376.05 rupees, their steepest intraday pct decline since Oct 23
    ** Co said on Tuesday its facility in the Andhra Pradesh
state was issued five observations from the U.S. FDA
    ** Laurus stock dropped 3% at least six times this year
    ** Stock lost 9.6% after Sept-qtr results
    ** Since then, stock recovered 7% of its value until
Tuesday's close
    ** Mean rating of nine analysts is "hold"; median PT is 340
rupees, 11% lower than current price - LSEG data
    ** Stock up 1.7% YTD, compared with the broader Nifty Pharma
 .NIPHARM  index's 27% climb
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))