Cadila Healthcare gets FDA warning, shares plunge 17%
Shares in India-based Cadila Healthcare (BOM: 532321) dropped 17% on the Bombay Stock Exchange Thursday following the announcement that the company has received a warning letter from the US Food and Drug Administration regarding irregularities at its manufacturing facilities.
The company said it has received a warning for its Moraiya formulation facility and Ahmedabad oncology API (active pharmaceutical ingredient) facility.
“The company is working hard to ensure that the commitments made to the US FDA are fully completed. The company will continue to take all necessary steps to ensure that the US FDA is fully satisfied with our remediation of the above facilities,” Cadila Healthcare said in a statement.
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