Aarti Drugs plunges over 16% on USFDA import alert reports

MUMBAI: Shares of Aarti Drugs plunged over 16 per cent in intraday trade following media reports that the USFDA has issued import alert at its two manufacturing units in Palghar, Maharashtra.

The stock ended down 7.02 per cent or Rs 47.25 at Rs 626.25.

This is after adjusting to the ex-bonus trade value. The company has issued bonus shares in the ratio of 1:1.

The stock saw a stellar run, in line with other midcap pharma companies, in the past one month. It surged 23.84 per cent to touch 52-week high of Rs 805.

However, import alert has resulted in the company paring its monthly gains.

At 10:00 a.m.; the stock is trading at 596, down 11.04 per cent, on the BSE. It plunged 16 per cent to touch intraday low of Rs 560, which is also its lowest level in the last one month.

Over 52,000 shares were traded in the counter against two-week average of 11,000 shares.