Aurobindo Pharma Recovers After Clarification

Aurobindo Pharma rose 2.38% to Rs 469.40, following the company’s clarification on USFDA observations.

With reference to news item quoting, “Aurobindo Pharma falls over 16% on receiving USFDA observations,” Aurobindo Pharma clarified after market hours on Monday, 7 September 2019, that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at the company’s unit 7 manufacturing facility in Telangana during 19-27 September 2019. The inspection ended with 7 observations. The firm said none of the observations are related to data integrity. The company is confident of addressing these issues within the stipulated timeline.

Shares of Aurobindo Pharma slumped 19.16% to Rs 458.50 on 7 October 2019, following the media reports of USFDA observations.

On the BSE, 5.01 lakh shares were traded in the counter so far compared with average daily volumes of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 482 and a low of Rs 454.2 so far during the day.

The stock hit a 52-week high of Rs 838 on 30 Apr 2019. The stock hit a 52-week low of Rs 450 on 07 Oct 2019.

The pharma company’s consolidated net profit jumped 41.6% to Rs 645.18 crore on 28.1% surge in net sales to Rs 5,356.84 crore in Q1 June 2019 compared with Q1 June 2018.

Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs). – Business Standard

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