Indoco Remedies hits a new low

Indoco Remedies is another US FDA victim. The company has got a warning letter for two of its facilities in Goa – the FDA had conducted inspection at two of its Goa facilities between 31st Aug and 4th Sept. These plants make ophthalmic and injectables and tablets. Post the observation, the company issued six observations in Form 483.

In the Press Release issued by the company, it said, “based on the review of compliance response, FDA accepted our response to 4 observations. However, FDA remains concerned with respect to 2 observations, pertaining to one specific product, for which we are contract manufacturer, for one of our customers and consequently we have received a warning letter from USFDA dated March 27th, 2017.

The list of companies getting these warning letters is only growing as more and more companies are seemingly unable to meet the Good Manufacturing Practices.

The stock price hit a new 52-week low at Rs.209 and it continues to remain in the red.