Natco Pharma plunges as USFDA issues form 483 to the company

NEW DELHI: Shares of Natco Pharmaceutical closed lower by 12.61 per cent on Monday after the US Food and Drug Regulator issued two observations regarding company’s facilities in Chennai and Hyderabad.

Reacting to the development, the stock slumped 10.94 per cent to hit a low of Rs 417.10 on the BSE. The stock has plunged 26 per cent in the year so far.

The USFDA conducted inspections in the company’s Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and the Pharmaceutical Formulations facility at Kothur, near Hyderabad, in early February and March respectively, Natco said in a statement.