Ipca Laboratories tanks on delay in production at Indore SEZ

NEW DELHI: IPCA Laboratories Ltd slipped over 10 per cent in early trade on Thursday after the company highlighted a few manufacturing issues at Indore SEZ to USFDA.

“Till such time these issues are resolved to the satisfaction of the US-FDA, no dosage formulations manufactured at this manufacturing unit will be commercialized for the US market,” Ipca Labs said in a filing.

At 12:00 pm, Ipca Laboratories pared most of its early morning losses and was trading 4.3 per cent lower at Rs 438.75. It has hit a low of Rs 401.10 and a high of Rs 463.45 in trade today.

"We had supplied to initiate from Q1FY14 and there could be 1-2 quarter delay in the same. This will impact US sales growth in FY14 given that the existing FDA-approved facility is running to capacity," added the report.