Jubilant Life Sciences plunges 10% on USFDA warning letter

MUMBAI: Jubilant Life Sciences was witnessing selling pressure after one of its manufacturing facilities, Jubilant HollisterStier, located at Washington in the US, was issued a warning letter (WL) by US Food and Drug Administration.

“As required by FDA, JHS-Spokane will respond to this WL on or before 12 December 2013. The response will identify corrective actions already been completed as well as some pending corrective actions to ensure on-going cGMP compliance,” the company said in a filing to stock exchanges.

The US FDA has specified in the WL that until all corrections have been completed and that they have confirmed correction of the violations and firm compliance to cGMPs, FDA may withhold approval of new applications or supplements listing JHS-Spokane as the drug product manufacturer.

At 11:33 a.m.; the stock was at Rs 126.20, down 9.86 per cent, on the BSE. It touched a high of Rs 145.80 and a low of Rs 126.10 in trade today.