Glenmark Pharma down 3%

Glenmark Pharma today fell 3% to Rs.573.95; though it has recovered a bit, it now remains in the red at Rs.575 levels. Its 52-week low is not too far away at Rs.565.

The stock is down today after it announced today that the US FDA has issued 7 observations to its Baddi units after it went FDA audit between 6th to 11th Nov.

FDA has issued observations on lack of written procedures for production & process controls, insufficient complaint records, non-maintenance of data which can be reviewed to evaluate quality standards, lack of employee training, non-compliance to responsibilities & procedures applicable to quality control and no proper control on computers/related systems.

The company has stated the said Baddi unit contributes 10% to total USA sales.