Shares of Piramal Pharma Ltd slumped 5% on 8 February after the company said that its Riverview facility in the US was under inspection by the USFDA (US Food and Drug Administration) from 29 January to 6 February.

In its regulatory filing, the company said, “On conclusion of the inspection, a Form-483 was issued with three observations. The observations were classified under VAI (Voluntary Action Indicated) and do not relate to data integrity. The company is preparing a detailed response to the observations, which will be submitted to the US FDA within stipulated timelines.”

The company assured its stakeholders that the observations were classified under the VAI (Voluntary Action Indicated) category and did not involve the risks involved in data integrity.

The filing added, “We remain committed to maintaining the highest standards of compliance and will work with the agency to comprehensively address all the observations.”

In its quarterly report for October-December, the company reported a net profit of Rs 10 crore for the quarter from the Rs 90 crore net loss reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 1,959 crore for the quarter compared to Rs 1,716 crore recorded in the same period of the previous fiscal year.

At 11:40 am, the shares of Piramal Pharma were trading 1.29% lower at Rs 137.45 on NSE.