Indoco Remedies’ shares fell sharply by 7.52% today following a significant setback, as the company’s Goa facility, contributing 65-70% of its revenue, received a warning letter from the USFDA. The warning relates to compliance issues observed during inspections conducted between July 16 and July 26, 2024.
The stock dropped from its previous close of ₹340.55 to trade at ₹318.00, marking a steep decline of over 6.6%
The pharmaceutical company confirmed the development, stating it remains committed to working closely with the USFDA to resolve the issues and ensure compliance with CGMP quality standards.
Indoco Remedies Share Price history
| Day | Open | Close | Change % |
|---|---|---|---|
|
Mon, Dec 16 2024
|
₹336.00
|
₹340.55
|
|
|
Fri, Dec 13 2024
|
₹331.80
|
₹335.30
|
|
|
Thu, Dec 12 2024
|
₹342.90
|
₹335.15
|
-1.90%
|
|
Wed, Dec 11 2024
|
₹340.00
|
₹341.65
|
|
|
Tue, Dec 10 2024
|
₹316.10
|
₹338.80
|
|
|
Mon, Dec 9 2024
|
₹326.85
|
₹318.75
|
-1.48%
|
|
Fri, Dec 6 2024
|
₹320.00
|
₹323.55
|
|
|
Thu, Dec 5 2024
|
₹322.10
|
₹321.25
|
-0.37%
|
Impact of the warning:
- The Goa facility’s significant contribution to revenue raises concerns about potential disruptions in operations.
- Indoco Remedies reaffirmed its commitment to supplying products from the facility to customers in the United States while working to address the compliance concerns.
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