Here is why Laurus Labs fell 4% today

Shares of pharmaceutical company Laurus Labs dropped as much as 3.83 per cent to hit an intraday low of Rs 373.15 per share. The shares fell after Laurus Synthesis Private Limited (LSPL), a wholly owned subsidiary of Laurus Labs, underwent United States Food and Drug Administration (US FDA) inspection for the manufacturing facility in Parawada, Anakapalli, Andhra Pradesh.

In an exchange filing, Laurus Labs said, “Laurus Synthesis Private Limited (LSPL), a wholly owned subsidiary of Laurus Labs underwent US FDA inspection for the manufacturing facility in Parawada, Anakapalli, near Visakhapatnam, Andhra Pradesh.”

Laurus Labs unit has been issued a Form 483 with five observations. The company will address the observations within stipulated timelines, Laurus Labs added.

The inspection was conducted from December 4, 2023 to December 12, 2023.

The market capitalisation of the company is Rs 20,391 crore. As of 11:44 am, shares of Laurus Labs were trading 2.71 per cent lower at Rs 377.55 per share, according to BSE.