Cadila Healthcare falls after coming under CDSCO scanner

NEW DELHI: Shares of Cadila Healthcare fell nearly 3 per cent on Friday after a media report suggested that two domestic drug makers including Zydus Cadila are under the scanner of the pharmaceutical regulator Central Drug Standards Control Organization (CDSCO) for allegedly launching a combination drug to treat hypertension without mandatory prior approval.

Following the development, the stock declined 2.80 per cent to close the session at Rs 465.25 on BSE. It opened at Rs 476 and touched an intraday high and low of Rs 478 and Rs 463.50 respectively.

The Central Drug Standards Control Organization (CDSCO) initiated an inquiry against Zydus Cadila and Intas Pharmaceuticals after receiving a complaint from another drug company conducting clinic trials for the launch of the same project, said a senior CDSCO official on condition of anonymity, said the media report.

Promoters held 74.79 per cent stake in the company as of September 2017.

On the BSE, 1.19 lakh shares were traded on the counter, as compared to a two-week average of 1 lakh shares.

The scrip touched its fresh 52-week high of Rs 558 on June 12, 2017 and its 52-week low of Rs 329.95 on December 26, 2016.