Fri Sep 13 09:38:49 UTC 2024: ## Granules India Shares Plunge After USFDA Inspection Findings
**Hyderabad, India – September 12, 2024** – Shares of Granules India plummeted over 16% during intraday trading on Thursday following the company’s announcement of six observations from a recent US Food and Drug Administration (USFDA) inspection. The inspection of Granules India’s Gagillapur facility, conducted from August 26 to September 6, 2024, concluded with the observations, causing significant investor concern.
In response, Granules India issued a statement reassuring investors of its commitment to resolving the issues. “We acknowledge that several investors have sought clarification,” the company said in a stock exchange filing. “We are actively addressing the observations and are fully committed to resolving the issues raised.”
The company emphasized that quality and compliance are paramount and are deeply ingrained in its processes. Granules India assured investors that it would work with the USFDA to address the observations and provide timely updates on the matter.
The stock’s sharp decline saw it fall to an intra-day low of ₹566.80, marking a 22% drop from its all-time high of ₹724.55 reached earlier this month. Despite this recent setback, Granules India’s stock has shown remarkable performance over the past year, gaining 81% from its 52-week low of ₹313.
The recent sell-off highlights the volatility surrounding the stock, particularly amid regulatory scrutiny. Investors will be closely monitoring developments as Granules India addresses the USFDA’s observations.
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