Glenmark Pharmaceuticals stock falls over 3% on USFDA's observations over Baddi unit

The Glenmark Pharmaceuticals stock fell on Tuesday after the firm said the US health regulator has made seven observations after an audit at its Baddi manufacturing unit.

Glenmark said its Baddi unit contributes approximately 10 per cent of the revenue of the US sales.

At 2:43 pm, the stock was trading over 3 percent or 18 points lower at 573.30 on the BSE.

The stock is down 35.45 percent on year to date basis.  On an yearly basis, the stock fell 36.32 percent.

The stock closed 3.28 percent or 19 points lower at 571 level on the BSE.

"The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA (US Food and Drug Administration) audit from November 6 -11, 2017. The USFDA issued seven observations through the form 483," Glenmark Pharmaceuticals said.

"We are in the midst of providing a comprehensive response to the observations and would be replying to the FDA shortly on the observations," it added. The company, however, did not elaborate on the nature of observations.