Jubilant Life shares fall on US food regulator warning
Shares in Jubilant Life Sciences Ltd fell as much as 6.9 per cent on Wednesday after the US health regulator issued a warning letter to the company, citing "significant violations" of manufacturing standards at its facility in Canada.
The US food and drug administration may hold drug approvals until Jubilant HollisterStier General Partnership takes necessary corrective steps, Jubilant said in a statement.
Other bigger Indian companies such as Dr. Reddy's Laboratories Ltd, Ranbaxy Laboratories LTd, Sun Pharmaceutical Industries Ltd and Aurobindo Pharma have all received regulatory warning letters on compliance over the last four years.
The company said its on-going manufacturing, distribution and sale of products would not be affected by the warning letter, and it plans to respond to the drug regulator on or before March 15.
Shares in Jubilant Life Sciences, which has a market value of about $548.5 million, fell 4.25 per cent to Rs 178.
They earlier touched a low of Rs 173. The broader market was up 0.67 per cent.
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