RPG Life Sciences tanks over 6% after FDA issues warning letter

Posted By: Religare
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Shares of drug maker RPG Life Sciences dipped over 6 per cent in early trade on Bombay Stock Exchange (BSE) after US Food and Drug Administration (USFDA) issued a warning letter to the company for violation of current good manufacturing practice (CGMP) norms at its two plants at Ankleshwar and Mumbai.

"During our November 20, 2012 through November 24, 2012 inspection of your pharmaceutical manufacturing facility, MS-Ankleshwar, investigator(s) from the FDA identified significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals," the health regulator said in a statement.

Reacting to news, shares of company declined as much 6.16 per cent to trade at Rs 60.10 a piece on the BSE.

In a similar fashion, shares of the company were trading at 61.00 a piece, down 3.79 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 18,862.61, down 383.09 points or 1.99 per cent at 9:50 hours.

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