Natco Pharma Plunges 11% As Company Receives 483 US FDA Observations

Shares in Natco Pharma plunged as much as 11 per cent, after the company said that it has received 483 observations from the US FDA.

The stock of Natco Pharma last trading at Rs 417, down 11.1 per cent in trade.

"An inspection was conducted by the United States Food & Drug Administration (USFDA) in two of its manufacturing facilities recently- the Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and thePharmaceutical Formulations facility at Kothur, near Hyderabad, during early February and March, 2016, respectively.

The company has received 483 observations for both facilities and believes them to be of minor in nature. The company has already sent response and compliance report for these observations and believes that there would be no adverse impact to its current or future pipeline products coming from these facilities," it said in a release to the exchanges.

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