IPCA slumps as FDA bans imports from 2 more plants

Mumbai: Shares in generic drugmaker IPCA Laboratories slumped as much 12.7 percent, heading towards their biggest daily fall since July 2014, after the U.S. Food and Drug Administration (FDA) issued an import alert against two of its plants.

The U.S. FDA said the import alert would apply to IPCA`s Pithampur and Silvassa units in a notice posted on the regulator`s website on Tuesday.

U.S. regulator had in January banned imports from a central Indian manufacturing plant of IPCA, citing violations of standard production practices.