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Shares of Glenmark Pharmaceuticals plunged as much as 3.5 per cent in Tuesday's trade as the US health regulator has made seven observations after an audit at its Baddi manufacturing unit.
The stock dipped 3.28 per cent to end at Rs 571.80 on the BSE. During the day, it dropped 3.54 per cent to Rs 570.25. On the NSE, shares of the company slipped 3.22 per cent to close at Rs 571.65.
In terms of equity volume, 1.85 lakh shares of the company changed hands on the BSE, while over 20 lakh shares traded on the NSE.
Glenmark said its Baddi unit contributes approximately 10 per cent of revenue of the US sales.
“The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA (US Food and Drug Administration) audit from November 6 -11, 2017. The USFDA issued seven observations through the form 483,” Glenmark Pharmaceuticals said in a BSE filing today.
“We are in the midst of providing a comprehensive response to the observations and would be replying to the FDA shortly on the observations,” it added.
The company, however, did not elaborate on the nature of observations.
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