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Last Updated : Jul 17, 2019 11:28 AM IST | Source: Moneycontrol.com

Strides Pharma Science plummets 8% as USFDA finds significant violations at its plant

The drugmaker was caught trying to dispose quality-control records, UDFDA said in a letter made public on July 16

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Strides Pharma Science shares fell 8 percent intraday on July 17 after the US drug regulator found its Puducherry plant in violation of good manufacturing practice regulations.

The US Food and Drug Administration (FDA) said it found adulteration and "significant violations" of current good manufacturing practice (CGMP) regulations at the company's plant in Puducherry.

The drugmaker was caught trying to dispose quality-control records, it said in a letter made public on July 16.

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"Our investigator observed discarded CGMP documents and evidence of uncontrolled shredding of documents," it said.

Strides' Puducherry unit was inspected by the US Food and Drug Administration during January 28 and February 5, 2019.

On July 2, Strides received a warning letter from the USFDA but it did not disclose the content of the letter at that time.

The stock was quoting at Rs 370.50, down Rs 7.30, or 1.93 percent on the BSE at 1055 hours IST.

(With inputs from Reuters)

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First Published on Jul 17, 2019 11:28 am
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