Shares of Cipla fell 4% to Rs 910.10, hitting a more than eight-month low on the BSE in intraday trade on Tuesday, amid concerns over product launch delays in the United States. Shares of the pharmaceutical company traded at their lowest level since June 20, 2022. It was quoted near its 52-week low of Rs 890 on May 11, 2022.

Cipla, whose shares have fallen 11% in the past seven trading sessions, said on February 18 that the US Food and Drug Administration (USFDA) issued a review with eight observations following an inspection of it — form 483 Manufacturing Facility in Pithampur. Cipla’s Pithampur factory is one of the company’s most important factories besides the Goa factory.

From February 6-17, 2023, USFDA conducted a Current Good Manufacturing Practice (cGMP) inspection at the Pithampur manufacturing facility.

“At the end of the inspection, the company received eight inspection comments on Form 483. The company will work closely with the USFDA and commit to fully addressing these issues within the stipulated time frame,” Cipla said.

The company’s Pithampur plant is estimated to contribute about 5% of revenue and 15% of Ebitda in FY23. The plant makes popular respiratory products such as albuterol and arformoterol. The upcoming gAdvair has been registered by the same factory.