Alkem Labs slips on getting 3 observations from USFDA for Baddi plant

NEW DELHI: Shares of Alkem Laboratories slipped as much as 2.61 per cent in trade on Tuesday after the company on Friday after market hours informed bourses that the US health regulator has inspected its Baddi plant and issued three observations on account of violation of good manufacturing norms.

The scrip was trading 2.16 per cent down at Rs 1930. Shares of the company opened at Rs 1989.95 and touched a high and low of Rs 1989.95 and Rs 1921, respectively, in trade. Benchmark BSE Sensex was trading 510.74 points, or 1.76 per cent, up at 29,456.97.

The US Food and Drug Administration ( USFDA) inspected the plant from March 2 to March 10 and has issued an inspection report to the company which contains three 483 observations, Alkem Laboratories said in a regulatory filing.

“The company shall put together a detailed response with adequate corrective and preventive measures to address the US FDA observations and the same is proposed to be filed within the time line stipulated by USFDA," it added.

The company's plant in Baddi, Himachal Pradesh manufactures finished formulations.