Natco Pharma gains as company plans to sell US-based pharmacy stores

NEW DELHI: Shares of Natco Pharma closed higher by 3.66 per cent in trade on Thursday after the company said it will sell its US-based pharmacy stores.

Reacting to the news, the scrip gained 6.55 per cent to hit a high of Rs 425.20 on the BSE.

The company’s board, which met on Wednesday, has approved the sale of US stores—a non-core business of the company, Natco Pharma said in a regulatory filing.

The company’s stocks recently took a bashing after the company received 483 observations from the USFDA after inspection of its two facilities.