Granules India Shares Drop 16.64% Today, 19% In 1-Week; Latest Update Issued

Granules India shares witnessed steep decline of more than 19% in last 1-week and 16.64% in trade today on BSE. Current market price of Granules India Ltd shares on BSE is Rs 565.00 per share. The company's market capitalisation stood at Rs 13,684.14 crore. The major reason behind the steep decline in the Granules India shares attributed to the latest six observations that US Food and Drug Administration (USFDA) issued. USFDA conducted an inspection at Granules India's Gagillapur facility in Hyderabad, Telangana from August 26 to September 6, 2024.

Granules India issued an update today via its BSE filing stating: As per the exchange filing of the company, "in reference to our communication dated September 07, 2024 regarding the completion of the USFDA inspection at our Gagillapur FD facility, conducted from 26th August to 6th September 2024, which concluded with six observations.We acknowledge that several investors have sought clarification, and we want to reassure them that we are actively addressing the observations and are fully committed to resolving the issues raised. We will work with the USFDA to address the issues raised in the observations."

At Granules, quality and compliance are paramount, and these principles are deeply embedded in our ongoing review and governance processes. The company will continue to provide updates in a timely manner and as appropriate."

Earlier, CNBC-TV18 announced that managed to access Form 483 issued to Granules Gagillapur facility. The form entailed violations pertaining to equipment and utensils not cleaned at appropriate intervals, failure to effectively review any unexplained discrepancy, non maintainence of building and facilities, inadequate assessment of process of material commonly performed during routine manufacturing, and failure to follow responsibilities and procedures applicable to quality control unit.

Granules India Shares Performance: The 52-week high price of Granules India shares on BSE is Rs 724.55 per share (as on 02/09/2024) and 52-week low price is Rs 313.00 (as on 13/09/2023), respectively. Granules India shares declined more than 19% in last 2-weeks, slipped nearly 18% in last 1-month, but jumped 20% in last 3-months, and gained 83% in last 1-year. In last 2-years, Granules India stock surged 441% and rallied 635% in last 10-years.

Granules India About: Granules India Limited, incorporated in 1991 is a vertically integrated fast-growing Indian pharmaceutical company headquartered in Hyderabad with best-in-class facilities and a commitment to operational excellence, quality, and customer service. Amongst the few pharmaceutical companies in the world to be present across the manufacturing of the entire pharmaceutical value chain - from Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs), and Finished Dosages (FDs), Granules products are distributed to over 300+ customers in regulated and semi-regulated markets with a global presence extending to over 80+ countries with offices across India, US and UK.

Disclaimer:

The stock highlights the USFDA inspection and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.