Aurobindo Pharma share price jumps 11% after US FDA nod for muscle relaxant
The stock hit upper circuit of Rs 397.50 per share. It was quoting at Rs 399.00, up Rs 37.60, or 10.40 percent.
March 27, 2020 / 10:17 AM IST
The share price of Aurobindo Pharma spiked over 11 percent in the morning trade on March 27 after the company received the US drug regulator’s nod for its muscle relaxant Tizanidine Hydrochloride.
The stock hit upper circuit of Rs 397.50 per share. It was quoting at Rs 399, up Rs 37.60, or 10.40 percent.
Its API manufacturing facility at Gaddapotharam, Hyderabad, had received the establishment inspection report (EIR) with voluntary action initiated status from US Food and Drug Administration, the company told the exchanges the previous day.
On November 6 2019, the company, in a regulatory filing, said the FDA had inspected its Unit VIII at Gaddapotharam and was issued a 'Form 483' with 4 observations for the facility.
The stock, which has gained over 21 percent in the last three days, was trading with volumes of 61,891 shares, compared with its five-day average of 167,349, a decrease of 63.02 percent.