Moneycontrol Bureau
Shares of Anuh Pharma fell 7.5 percent intraday Wednesday, in addition to 10 percent fall in previous session after European health regulator has banned three drugs of the company.
"Following the inspection of manufacturing site of Anuh Pharma at Boisar (Maharashtra), the EDQM Ad Hoc Committee has suspended certificate of suitability for Erythromycin Ethyl Succinate, Erythromycin and Pyrazinamide," says the Mumbai-based pharma company in its filing yesterday.
European Directorate for the Quality of Medicines & HealthCare has also decided to close application for a certificate of suitability of Erythromycin Stearate.
According to resolution, regulator has given company the possibility to request a hearing in order to ask the EDQM Ad Hoc Committee to review its decision, Anuh Pharma says, adding it is fully committed in resolving this issue at the earliest.
After a ban, the API supplier says it does not expect significant effect on its top & bottom line since it has very good presence in Indian and rest of world’s market.
Products banned by EDQM are less than 3 percent of company's sales.
Erythromycin Ethyl Succinate and Erythromycin are antibiotic drugs. Pyrazinamide is used to treat tuberculosis. At 10:22 hours IST, the scrip of Anuh Pharma was quoting at Rs 209.50, down Rs 5.70, or 2.65 percent on the BSE.Posted by Sunil Shankar Matkar
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