Indoco Remedies saw its shares drop nearly 2% on Monday after receiving an update from the U.S. Food and Drug Administration (USFDA) regarding its Goa Plant-II & III facilities. The USFDA has classified the facility’s inspection status as ‘Official Action Indicated’ (OAI), following an inspection conducted in July 2024.
This marks the second time the facility has received an OAI status, with the first occurring after a February 2023 inspection, which resulted in the same classification in May 2023.
Indoco has been actively working on a comprehensive remedial action plan, which is expected to be completed by Q3 2024. The company had planned to notify the USFDA once the remediation was completed. However, the USFDA conducted an inspection in July 2024 before the plan was fully executed, resulting in the facility’s compliance status remaining ‘OAI’ as of October 10, 2024.
As of 9:28 AM, Indoco Remedies shares were trading 0.98% lower at ₹334.00 on the NSE.
