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Divis Laboratories tumbles on receiving Import Alert from USFDA for Visakhapatnam facility

Divis Laboratories is currently trading at Rs. 650.95, down by 139.75 points or 17.67% from its previous closing of Rs. 790.70 on the BSE.

The scrip opened at Rs. 711.65 and has touched a high and low of Rs. 711.65 and Rs. 635.00 respectively. So far 11,54,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1380.00 on 16-Sep-2016 and a 52 week low of Rs. 635.00 on 21-Mar-2017.

Last one week high and low of the scrip stood at Rs. 795.00 and Rs. 635.00 respectively. The current market cap of the company is Rs. 17,254.00 crore.

The promoters holding in the company stood at 52.06%, while Institutions and Non-Institutions held 34.39% and 13.55% respectively.

Divis Laboratories has received an Import Alert 66-40 from US Food and Drug Administration (USFDA) for its products manufactured at the company’s Unit-II located at Visakhapatnam, Andhra Pradesh on March 20, 2017.

The agency has exempted the following products from the Import Alert – Levetiracetam, Gabapentin, Lamotrigine, Capecitabine, Naproxen sodium, Raltegravir potassium, Atovaquone, Chloropurine, BOC core succinate, 2, 4-wing active ester. The company along with third party consultants is currently working to address the concerns of the USFDA and is making all efforts to fully meet the compliance requirements.

Divis Laboratories focussed on developing new processes for the production of Active Pharma Ingredients (APIs) & Intermediates. The company in a matter of short time expanded its breadth of operations to provide complete turnkey solutions to the domestic Indian pharmaceutical industry

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