Natco Pharma shares down 15% intraday on over 400 USFDA observations

The shares of Natco Pharma tanked 15% intraday on Monday after the company said it has received over 400 notifications from the  USFDA ,  after the US drug regulator inspected two of its manufacturing units. 

In early trade, the shares opened down over 8%. 

At 1118 hours, the company's shares were down 11.94% or Rs 55.90 at Rs 412.45 per piece. 

The company notified the BSE that it had received 483 observations for both -- Active Pharmaceutical Ingredients (API) manufacturing facility at Manali, near Chennai, and the
Pharmaceutical Formulations facility at Kothur, near Hyderabad -- in early February and March, respectively. 

The companies shares were down 8.30% or Rs 38.85 at Rs 429.50 per piece. 

The company had, however, said on Sunday that the observations from the USFDA will not affect immediate production or its products in the near future.