Indoco Remedies slumps to 3-year low

Shares of Indoco Remedies slumped to near 3-year low on FDA concerns.

The stock fell as much 16.32 per cent to Rs 208.50, its lowest since July 30, 2014.

The

US Food and Drug Administration has raised six observations in the form 483 for Goa manufacturing facility inspected last year.

FDA has accepted the company's response on four observations, but has raised concerns over the remaining two.

The observations relate to a specific product for which the company is a contract manufacturer.

Indoco stock posted biggest intraday percentage loss since June 12, 2015.