Jubilant Life shares fall on US FDA warning letter
REUTERS - Shares in Jubilant Life Sciences Ltd (JULS.NS) fell as much as 6.9 percent on Wednesday after U.S. health regulators issued a warning letter to the company, citing "significant violations" of manufacturing standards at its facility in Canada.
The U.S. Food and Drug Administration may hold drug approvals until Jubilant HollisterStier General Partnership takes necessary corrective steps, Jubilant said in a statement.
Other bigger Indian companies such as Dr. Reddy's Laboratories Ltd (REDY.NS), Ranbaxy Laboratories Ltd (RANB.NS), Sun Pharmaceutical Industries Ltd (SUN.NS) and Aurobindo Pharma (ARBN.NS) have all received regulatory warning letters on compliance over the last four years.
The company said its on-going manufacturing, distribution and sale of products would not be affected by the warning letter, and it plans to respond to the drug regulator on or before March 15.
Shares in Jubilant Life Sciences, which has a market value of about $548.5 million, fell 4.25 percent to 178 rupees. They earlier touched a low of 173 rupees. The Sensex was up 0.67 percent.
(Reporting by Kaustubh Kulkarni in Mumbai; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- Israel intensifies Gaza assault, Egyptians revise truce plan
- UPDATE 2-U.S. Senate shortens transport extension, sets up clash with House
- UPDATE 4-Obama says strains over Ukraine not leading to new Cold War with Russia
- UPDATE 6-U.S. judge says cannot seize Kurdish crude for now
- Family of Texas doctor with Ebola not showing signs of virus
Top Indian mobile carrier Bharti Airtel posted a 61 percent rise in quarterly profit on Tuesday but fell short of analyst estimates as its African business continued to weigh. Full Article
Finmeccanica settles with Italy prosecutors to end Indian chopper deal probe. Full Article