Alkem Labs down 3%

Alkem Labs is figuring among the top losers on the BSE since the opening bell today; opening 2% lower at Rs.4889.60, the stock further slumped down to Rs.4849.30, down 3%.

The reason for this current disenchantment? The company announced last night about the US FDA inspection at its manufacturing unit in Baddi, India.

The news was obviously not good. At the inspection conducted between 19th March to 27th March, the company received Form 483 with ten observations.

This was a GMP as well as a Pre-Approval Inspection. There was no data integrity observation.

The company said that the inspection was part of the routine business operations and it will submit to US FDA within the stipulated timeline, a detailed response to close out the said observations.