Granules India slips 3% after USFDA flags foreign subsidiary

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Shares of Granules India shed nearly 3 percent intraday on August 22 after the company received 2 observations from USFDA.

United States Food and Drug Administration (USFDA) has completed inspection of the facility of Granules Pharmaceuticals Inc, a wholly-owned foreign subsidiary of the company located in Virginia, USA on August 21, with two minor observations.

This is a pre-approval inspection for seven products filed from this facility.

Granules Pharmaceuticals, Inc. will respond to these observations within the stipulated time period.

At 1155 hrs, Granules India was quoting at Rs 89.60, down Rs 2, or 2.18 percent on the BSE.

The share touched its 52-week high of Rs 123.35 and its 52-week low of Rs 79 on 10 September 2018 and 10 December 2018, respectively.

Currently, it is trading 27.36 percent below its 52-week high and 13.42 percent above its 52-week low.