Fri Sep 13 09:18:48 UTC 2024: ## Granules India Stock Plunges 17% on USFDA Inspection Concerns
**Hyderabad, India** – Shares of pharmaceutical company Granules India Ltd took a sharp dive on Thursday, plummeting 17.07% to an intraday low of Rs 562.10. The drop, attributed to investor concerns over the recent USFDA inspection, sent the stock down to Rs 564.80, a 16.67% decline from the previous day’s closing.
The USFDA inspection, which concluded on September 6th at the company’s Gagillapur FD facility, resulted in six observations. Granules India, in a statement to the Bombay Stock Exchange (BSE), acknowledged investor concerns and assured them that they are actively addressing the observations and committed to resolving the issues.
Trading volume for Granules India spiked significantly on Thursday, with over 13.78 lakh shares changing hands compared to the two-week average of 71,000 shares. The heavy trading resulted in a turnover of Rs 82.11 crore, maintaining a market capitalisation (m-cap) of Rs 13,712.01 crore.
Technical indicators suggest the stock is currently oversold, with its 14-day relative strength index (RSI) at 32.75. Despite the steep fall, Granules India’s stock remains above its 100-day, 150-day, and 200-day simple moving averages.
While the immediate future of the stock is uncertain due to the USFDA observations, Granules India remains committed to addressing the issues and regaining investor confidence.
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