Biocon Tumbles 3% On 5 USFDA Observations For Bengaluru Unit

Shares of Biocon lost 2.8 percent intraday on January 27 after receiving five observations from the US health regulator for Bengaluru unit.

The pharma company informed exchanges that the US Food and Drug Administration (FDA) conducted a pre-approval inspection (PAI) and GMP inspection of the API manufacturing facility.

At the conclusion of the inspection of the Bengaluru facility, which took place between January 20 and January 24, 2020, the agency issued a Form 483, with five observations, company said in its BSE filing.

It further said it would respond to the FDA with a Corrective and Preventive Action Plan (CAPA) and was confident of addressing these observations expeditiously.

The stock was quoting at Rs 293.45, down Rs 1.00, or 0.34 percent on the BSE at 1017 hours IST.-Money Control