Yesterday too, Aurobindo Pharma had hit a new 52-week low at Rs.427.65 and today too, wthin minutes to opening, it hit another new low at Rs.392.60.
The company announced late night yesterday that it has received some more observations from the US FDA.
It state that the United States Food and Drug Administration (US FDA) inspected Company's Unit IV, a general injectable formulation manufacturing facility situated at Pashamylaram, Hyderabad, from 4th to 13th November 2019. At the end of the inspection, it was issued a 'Form 483' with 14 observations.
The company believes that none of these observations are related to data integrity issues. The company will respond to the US FDA within the stipulated timeline.
A day prior to that, the company had announced its earnings for Q2FY20 and they were good, with consolidated net profit rising 5% (YoY) at Rs.639 crore on a 18% rise in Revenue from operations at Rs.5600 crore. The FDA issue being much bigger, the earnings have all but gone in a blip.