New Delhi: Shares of Ajanta Pharma fell as much as 14.55 per cent to hit intraday low of Rs 1,527 after media reports surfaced which suggested that the company has got import alert from USFDA for its Paithan unit at Aurangabad. However, after a clarification from the company, the stock rebounded from intraday lows. Drug firm clarified that there is no import alert by the USFDA on the company's manufacturing unit in Aurangabad and it continues to supply to the US market.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
"We want to clarify that there is no import alert on us by USFDA and we continue to supply to US market," Ajanta Pharma said in a BSE filing.
There were media reports saying the company has got import alert from USFDA for its Paithan unit at Aurangabad for which BSE had sought for a clarification from Ajanta Pharma.
After the media reports surfaced, the stock saw huge selling pressure and dipped nearly 15 per cent to hit intraday low of Rs 1,527. However, after Ajanta Pharma clarified that there is no such import alert the stock saw buying at lower levels.
As of 12:13 p.m., shares of Ajanta Pharma traded 4.46 per cent lower at Rs 1,707, underperforming the Nifty and pharma sub-index on the NSE which were trading 0.5 and 0.94 per cent higher respectively.
Trading volumes saw a spurt as 3.7 lakh shares changed hands compared to an average of 6,562 shares traded daily in the past two weeks.