Aurobindo close to its low

Aurobindo Pharma is among the top three losers on the BSE currently. The stock hit an intraday low at Rs.578.75, going down over 7.5%. and not too far from its 52-week low of Rs.566.

The market is unhappy after the company got a warning letter from the FDA.

It stated that it has received a warning letter dated June 20, 2019 from USFDA relating to its Unit XI, API manufacturing facility situated at Srikakulam,  Andhra Pradesh.

This action follows the earlier inspection of the site by the USFDA in February 2019.

The company says that the existing business from this facility will not be impacted. But obviously, the market is worried and nothing, as of now, will convince the traders otherwise.