Zydus Lifesciences shares trade volatile after USFDA issues four observations for Ahmedabad plant

Zydus Lifesciences share price, Zydus Lifesciences USFDA observations: Zydus Lifesciences shares traded volatile on Thursday, March 28, after the US health regulator, the FDA, conducted an inspection at the company's manufacturing plant in Ahmedabad and closed it with four observations. This cGMP USFDA inspection was conducted from March 18 to March 27, 2024.

Zydus Lifesciences shares opened at Rs 993 on the NSE, down over 0.5 per cent from the previous close of Rs 999.7. At 9:39 am, the counter traded at Rs 1,006.3, up 0.66 per cent on the NSE. 

Post-market hours on Wednesday, the drugmaker, in a filing, said, "We wish to inform you that the USFDA conducted an inspection at the SEZ Onco Injectable manufacturing plant in Ahmedabad. This cGMP USFDA inspection was conducted from March 18th to March 27th, 2024. The inspection closed with four observations. There were no data integrity-related observations."

Management Outlook

The company will closely work with the USFDA to address the observations, the company said in a filing. Moreover, in an edition of Traders' Diary, Zee Business research analyst Varun Dubey recommended a 'sell' on Zydus Lifesciences futures for a target of Rs 980 with a stop loss of Rs 1,020.

Zydus Lifesciences Q3 results

Zydus Lifesciences' consolidated net profit increased by 27 per cent to Rs 790 crore in the third quarter ended December 31, 2023. The company's revenue increased to Rs 4,505 crore during the quarter under review from Rs 4,257 crore logged in the year-ago period.

Zydus Lifesciences share price history

Zydus Lifesciences shares have gained nearly 110 per cent, outperforming Nifty Pharma, which has rallied nearly 60 per cent and Nifty 50, which rose over 30 per cent.

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