Sequent Scientific unit faces suspension

Sequent Scientific is down in the red in today’s trade. Intra day, the stock declined almost 6.5% to Rs.135; it has recovered from there and is now at R.140 levels, down 3%. Its 52-week low is at Rs.124.30 and high at Rs.260.

Not the US FDA but the Maharashtra Food and drug Administration has ordered suspension of the manufacturing licence of the Mahad unit of the company. The suspension is to be effective from July 1 to July 15, 2016.

Naturally, the company has appealed against the decision.  What is known is that this FDA suspension is not on account of serious issues but mainly due to lapses in late submission of documents to FDA. The company itself has said that the observations made by Maharashtra FDA were general in nature except for the procedural lapses which the company is addressing. 

Sequent is an integrated pharmaceutical company with a global footprint, operating in the domains of Animal Health (API and formulation) and Human health (API