Shares of Zydus Life stumbles about 2.89% to hit an Intraday low of INR 1,151 Per Share on Friday. This fall in the stock was witnessed after the company announced that it has secured an Official Action Indicated (OAI) report from the United States Food and Drug Administration (USFDA).
Zydus Life stated in an exchange filing, “We wish to inform that the Company has received a report from the United States Food and Drug Administration (USFDA) for the inspection conducted at its injectables manufacturing facility located at Jarod, near Vadodara, Gujarat, India between April 15 and April 23, 2024. The USFDA has determined that the inspection classification of this facility is “Official Action Indicated” (OAI).”
The USFDA had inspected the Jarod-based injectables manufacturing facility between April 15 and April 2 earlier this year. Zydus Life said in a statement, “The company will work closely with the agency to resolve the regulatory status of this facility expeditiously.”
Zydus Lifesciences Ltd is a global company in the life sciences sector and was previously known as Cadila Healthcare Ltd and focuses on discovering, developing, manufacturing, and marketing healthcare therapies. Operating globally, the company has its presence across US, Europe, South Africa, Japan, Brazil, and other emerging markets with headquarters in Ahmedabad, Gujarat, India.
If we speak of the market capitalization of the company, it stands at INR 1,16,879.11 crore, as per Bombay Stock Exchange (BSE). Furthermore its 52-week low of INR 564.05 apiece, wherein, the 52-week high of the stock is INR 1,203.20 per share.
