On June 14, Ipca Laboratories’ share price tumbled 3% in the early trade after the United States Food and Drug Administration (USFDA) dispensed a Form 483 with 11 observations.

The US drug regulator inspected the Ipca Laboratories’ APIs manufacturing facility in Madhya Pradesh’s Ratlam from June 5 to June 13, 2023, issuing a Form 483 with 11 observations.

The company will submit its complete response to observations to the USFDA within the specified time, working closely with the agency to resolve issues at the earliest.

Earlier, the company mentioned that the income tax department had initiated the “survey proceedings” at its offices in Mumbai and manufacturing plants in Sikkim between May 30 and June 3.

At 09:56 am, Ipca Laboratories was trading at Rs 717.65, fell Rs 17.20, or 2.34% on the BSE. The share moved a 52-week high of Rs 1,033.50 and a 52-week low of Rs 670 on August 5, 2022, and May 22 2023, respectively. It is trading 30.56% below its 52-week high and 7.11% above its 52-week low.