Shares of Cipla were trading in the red on 28 November after its European subsidiary, Cipla EU, acquired an additional stake in its Joint Venture (JV) company, Cipla Maroc SA, Morocco.

Cipla EU completed the acquisition of an additional 15.1% stake in Cipla Maroc SA, Morocco, from the Pharmaceutical Institute for a total consideration of $8.05 million or around MAD 81.1 million.

Cipla EU now holds a 75.10% stake in the JV company, while the remaining 24.90% is owned by Societe Marocaine de Cooperation Pharmaceutique (Cooper Pharma).

On 17 November, the company was issued a Warning Letter from the USFDA (US Food and Drug Administration) for its plant in Pithampur, highlighting issues regarding the Albuterol inhaler manufacturing, document disposal procedures, contamination incidents, and repeat observations at multiple sites.

The letter from the US regulator also highlighted data integrity issues at the company. The letter was followed by an inspection of good manufacturing practices at the company’s Pithampur facility in February 2023, which later received eight inspection observations in Form 483.

At 12:26 pm, the shares of Cipla were trading 0.23% lower at Rs 1,195.95 on NSE.