Aarti Drugs share price saw a sudden spike during the final hour of trade on Tuesday, December 24, which made it snap its eight-day losing streak and close with a robust gain of 11.12 per cent. Aarti Drugs share price opened at ₹425.95 against its previous close of ₹423.95 and remained flat for the most part of the day. However, it soared as much as 17 per cent after it announced through an exchange filing that it received the Establishment Inspection Report (EIR) from USFDA. Due to this, the company can export some products to the US market. The stock settled at ₹471.10, up 11.12 per cent. It ended as the top gainer among group A stocks.
Aarti Drugs news
In an exchange filing during market hours on Tuesday, December 24, the company said the US FDA had concluded its inspection at its API manufacturing facility at Tarapur, Maharashtra.
“United States Food and Drug Administration (US FDA) had conducted an inspection at the company’s API manufacturing facility at Plot No. E-22, MIDC, Tarapur, Maharashtra. Now, the company is in receipt of the Establishment Inspection Report (EIR). EIR is a report which includes details of the audit done. The company can export products such as Ciprofloxacin HCl API, Zolpidem Tartrate API, Raloxifene HCl API, Celecoxib API and Niacin API in the US market,” Aarti Drugs said.
“FDA has determined that the inspection classification of this facility is ‘voluntary action indicated’ (VAI). Based on this inspection, this facility is considered to be in a minimally acceptable state of compliance with regard to current good manufacturing practices (CGMP),” the company said.
Aarti Drugs share price trend
Shares of Aarti Drugs have been under pressure this year. As of Tuesday’s close, the stock is down about 4 per cent year-to-date.
On a monthly scale, the stock is up by over 2 per cent this month, thanks to Tuesday’s gains. If it ends in the green in December, it will have broken its three-month losing streak. It suffered a loss of 12 per cent in September, 6 per cent in October and 5 per cent in November.
The stock hit a 52-week high of ₹634.90 on August 27 and a 52-week low of ₹420 on December 23 this year on the BSE.
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