Indoco Remedies tanks 12 pc on USFDA warning for Goa plant

Indoco Remedies, headquartered in Mumbai, informed the bourses that it has received a warning letter from the USFDA for its oral dosages plant situated in Goa.

The warning letter was a result of the inspection carried out in January 2019. The facility had received six observations and was classified as ‘OAI’ (Official Action Indicated’) in March 2019. The company responded to these observations with a detailed remediation plan, the implementation of which is still on-going.

The company has one approved ANDA from this site with a revenue of Rs. 3 crore on an annual basis. There are other four ANDAs which are pending for approvals and are likely to get approved after this issue get resolved.

Indoco Remedies has nine manufacturing facilities, six of which are for FDFs and three for APls, supported by a state-of-the-art R&D centre and a CRO facility.

Reacting to the news, the stock price tanked 12 per cent and made an intraday low of Rs. 149 per share on the BSE.