Ajanta Pharma slips over 14% on USFDA import alert

NEW DELHI: Shares of Ajanta Pharma plunged as much as 14.36 per cent in early trade on Tuesday after reports that the company had received import alert from the USFDA for its Aurangabad plant. The import alert shows published date of Jan 20 on the FDA website.

However, the company later clarified that there is no import alert on Ajanta Pharma by USFDA and it will continue to supply to US market.

Ajanta Pharma was trading 4.13 per cent lower at Rs 1,710 in morning trade around 11.25 am (IST) on BSE. The scrip opened the day at Rs 1,794 and touched a high and low of Rs 1,803.75 and Rs 1,527.45, respectively, in trade.

The company will announce its financial results for the quarter ended December 31, 2016 later in the day. For the quarter ended September 31, 2016, the company posted a consolidated net profit of Rs 130.66 crore, up 26.31 per cent, against Rs 103.44 crore in the corresponding quarter last year.

Net sales of the company jumped 14.57 per cent on a year-on-year basis to Rs 502.38 crore during Jul-Sept period.