Reportedly a Bengaluru- based pharma company named Strides Pharma Sciences is now newly accused of quality decline. And as result, the company has to face a huge fell in shares by 8%.
The consequences became worse for the company after the letter was officially made public on Tuesday. The FDA is openly questioning the companies who it found are violating the Current Good Manufacturing Practice (CGMP).
According to the reports, the FDA found the uncontrolled decline of documents in Strides Pharma Sciences Ltd and hinted towards the adulteration.
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Well talking about the dipping shares of the Bengaluru-based company the loss remains massive as it near one-year low and trading dips 3.2 percent around 1:27 on Wednesday.
It was just last month that a Hyderabad-based-company namely Aurobindo also received the same kind of warnings from the FDA. But the company immediately recalled its contaminants of January and March.
The spokesperson of Strides Company said that the company would not want to make any further comments.
Well, this is not it; A letter mentioned the companies which will be hit by the FDA soon in the coming months.
Companies like Sun Pharmaceutical Ltd and Dr. Reddy Laboratories Ltd who are listed in the US lawsuit against the Israeli drugmaker Teva Pharmaceutical Industries Ltd.