Sequent Scientific slumps as Maharastra FDA closes Mahad unit

NEW DELHI: Shares of Sequent Scientific closed 2.57 per cent lower on Thursday after the Maharashtra Foods and Drug Administration cancelled the company’s Mahad unit license.

The maker of drug raw material and veterinary products said the observations made by Maharashtra FDA were general in nature except for procedural lapses, which the company is addressing.

Reacting to the development, the scrip fell 6.38 per cent to hit a low of Rs 135 on the BSE. The stock has slumped 88 per cent in the year so far. The company has appealed against the decision — taken in May last week — to Girish Bapat, state food and civil supplies minister, an ET report said.