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Divi's Laboratories, a Rs. 3,800 crore pharma major from Hyderabad, has received major setback from US FDA and its share declined sharply by over 18 per cent to Rs. 644.65 after opening at Rs. 711.65 in the morning today on the BSE as against its previous day's close of Rs. 790.70. The scrip touched to its intera-day low at Rs. 635.
The US FDA issued an import Alert 66-40 recently on the products manufactured at the company's Unit-II at Visakhapatnam, Andhra Pradesh. The US FDA has exempted the products such as levetiracetam, gabapentin lamotrigine capecitabine naproxen sodium raltegravir potassium atovaquone chloropurine BOC ore succinate and 2,4-wing active ester.
The company is taking all steps to fully meet the compliance requirements. The company operates predominantly in export markets and has a broad product portfolio under generics and custom synthesis. Exports constituted 88 per ent of gross sales during 2015-16. Over 70 % of sales constitute supplies to regulated markets in Europe and USA. North America sales worked out to 32 per cent of its total sales and reached at Rs. 1,179 crore.
Divi's labs scrip dips, us fda action
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