Shares of Cipla fell 7% to Rs 956.20 in intraday trade on Monday to the BSE after the company said the United States Food and Drug Administration (USFDA) had issued Form 483 and eight observations following an inspection of its Pithampur manufacturing facility.

In an exchange, Cipla said the USFDA conducted a current Good Manufacturing Practice (cGMP) inspection of the company’s Pithampur manufacturing facility from February 6 to 17, 2023.

After the inspection, Cipla said the company received eight inspection comments on Form 483. The company will work closely with the USFDA and is committed to fully addressing these issues within the allotted timeframe.

Cipla was quoted 5% lower at Rs 971.60 at 9.23 am, while the S&P BSE Sensex rose 0.16%. Shares of pharmaceutical companies traded at their lowest levels since July 2022.

Cipla has underperformed the market over the past month, falling 11%, while the benchmark rose 1%.