India's Natco Pharma falls on warning letter from US FDA

Natco Pharma

09/04/2024 08:34

** Shares of Natco Pharma  NATP.NS  fall as much as 2.2%
before trimming some losses to trade 1.4% lower at 986 rupees
    ** Drug maker says it received warning letter from US FDA
after inspection at co's Kothur manufacturing facility
    ** Co does not believe warning letter impact disruption of
supplies or existing revenues from the facility, but says it is
likely to cause delay in pending product approvals  
    ** Shares of co down 4.3% last month, snapping three
straight months of gains
    ** Trading vol is 2.2x the 30-day daily avg, highest in more
than a month
    ** NATP's trading volume in March qtr was highest since
qtr-ended Dec., 2010
    ** Avg rating of the 10 analysts is "buy" and median PT is
866 rupees, ~12% lower than current price - LSEG data


 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))