Cipla is not doing too well today. The stock had closed yesterday at Rs.451.50, and it opened weaker at Rs.447, going down to an intraday low at Rs.435.60. Its 10% LC is at Rs.406.35.
Almost very pharma stock, whenever its down sharply, the reason invariably is almost always the US FDA.
The United States Food and Drug Administration (US FDA) conducted a routine cGMP inspection for both formulations and APIs at the company's manufacturing facility in Patalganga from November 4 to 13.
The inspection ended with four observations, and none of which were repeat or related to data integrity.
The company said that it is committed to addressing these observations and will submit its response to the agency within the stipulated time.