Alkem Labs slips into red

Today morning, Alkem Labs stated that the US FDA had conducted an inspection at the Company's manufacturing facility located at Baddi, India from 11th September, 2017 to 15th September, 2017.

In this regard, the company has received the inspection report which contains two 483 observations. The company shall put together a detailed response with adequate corrective and preventive measures to address the US FDA Observations and the same is proposed to be filed within the timeline stipulated by US FDA. 

Naturally, the market is unhappy with this new development and the stock price fell 3.5% to Rs.1745.

In March this year, it had received three observations from the FDA while inspection at its Taloja plant in July got it no observations.