Aurobindo Pharma Shares Fall 6% After U.S. FDA Warning Letter For Subsidiary
AuroLife Pharma, Aurobindo Pharma’s wholly-owned step-down subsidiary, has received a warning letter from the U.S. FDA.
Shares of Aurobindo Pharma Ltd. fell over 6% after the company’s step-down subsidiary received a warning letter from the U.S. health regulator for its unit in New Jersey.
The stock declined 6.37% to Rs 754 per share on the BSE. On the NSE, it fell 6.53% to Rs 753.50.
“AuroLife Pharma, a wholly-owned step-down subsidiary of the company, has received a warning letter from the United States Food and Drug Administration for its oral solid manufacturing facility situated at Dayton, New Jersey,” Aurobindo Pharma said in an exchange filing.
This follows the earlier letter dated June 4, 2020, issuing an OAI (Official Action Indicated) status for this facility.
Aurobindo Pharma said it believes the existing business from this facility will not be impacted.
"The company will be engaging with the regulator and is fully committed in resolving this issue at the earliest," it added.
The drug firm, however, did not provide any details regarding the contents of the warning letter.