Granules India shares fall 11% after FDA inspection findings
businesstoday.in — December 3, 2024, 11:01 AM UTC
Granules India shares fell sharply by 11.09% to a low of Rs 528.70 in late trading today, with the stock last seen at Rs 534. This decline follows a 29.72% increase in 2024. The drop in share price occurred after the company reported six observations from a recent US FDA inspection of its Gagillapur facility in Telangana. The FDA classified the inspection as Official Action Indicated (OAI). Granules stated it has responded to the FDA's observations and is working on improvements with external experts. The Gagillapur facility is crucial for the company's global operations, producing pharmaceutical products for export markets.