Granules India Unit’s Virginia Plant Gets 2 USFDA Observations; Stock Falls 3%

Shares of Granules India fell 3% in the noon trade after USFDA has completed inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the company at Chantilly, Virginia, the USA on August 21, 2019, 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, the pharma company said.

Granules India Ltd is currently trading at Rs89.60, down by Rs2 or 2.18% from its previous closing of Rs91.60 on the BSE.

The scrip opened at Rs91.10 and has touched a high and low of Rs92.30 and Rs88.80 respectively. – IIFL