Cipla shares fell over 8% and market capitalization declined by Rs 8,319 crore after the US health regulator called out the drug major for manufacturing lapses at its Pithampur-based facility in Madhya Pradesh. The stock witnessed a sharp decline of 8.10 per cent to Rs 1,168.60 on the BSE and dropped to 8.37 per cent to Rs 1,165.10 during the day. Similarly, at the NSE, it fell 7.63 per cent to Rs 1,174.40, causing the company’s market valuation to erode by Rs 8,319.48 crore to Rs 94,344.05 crore. This setback has caused significant financial repercussions for Cipla as investors react to the news of the manufacturing issues and the impact it may have on the company’s operations and bottom line.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
