Granules India dips by 3 per cent post USFDA inspection

USFDA made two observations at the facility of Granules India’s subsidiary located in Virginia. Reacting to this development, the stock of the company fell by more than 3 per cent.

Granules Pharmaceuticals, Inc. is a wholly owned subsidiary of Granules India Ltd. USFDA completed its inspection on August 21, 2019 at the facility located in Chantilly, Virginia, USA. The inspection concluded with two minor observations. In a press release the company was suggested to respond to the observations within the stipulated time period. The company also mentioned that this was a pre-approval inspection for seven products filed from this facility.

Headquartered in Hyderabad, Granules India Limited is a pharmaceutical company that is engaged in manufacturing pharmaceutical products. The company manufactures many off-patent drugs which includes Paracetamol, Ibuprofen, Metformin and Guaifenesin, etc. on a large scale for customers based in regulated and semi-regulated markets.

On Thursday, the stock of the company closed at Rs. 88.60, a decrease by 3.28 per cent or Rs. 3. The 52-week high is Rs. 123.35 and 52-week low is Rs. 79 on BSE.