Shilpa Medicare lost over 5.5% to hit the current intra day low point at Rs.599.25. Its 52-week low stands at Rs.537.10.

Yesterday, after market hours, the company announced that it has received observations from the US FDA. This pertains to its SEZ Formulation Facilities situated at Jadcherla, Telangana.

The FDA cited a total of 10 observations during the close up meeting; out of this, 7 observations pertained to improvement in procedures and practices. And 3 observations were related to setting of analytical specifications, test procedures and method validation.

The company will now need to respond to the FDA within 15, informing them about the corrective action plan it will be taking to correct the situation.