Aurobindo Pharma extends losses on report of a lawsuit against the co in US

Aurobindo Pharma extends losses on report of a lawsuit against the co in US

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Aurobindo Pharma shares fell 5.6 percent intraday Thursday on top of 3 percent loss seen in previous session after a media report indicated that the company named in a lawsuit for selling adulterated irbesartan products.

The stock was quoting at Rs 761.15, down Rs 35.60, or 4.47 percent on the BSE, at 12:09 hours IST.

The Hyderabad-based drug major has been named in a class action lawsuit in the US for contamination of its irbesartan active ingredient (API), Business Standard said.

Irbesartan active ingredient is used in the treatment of high blood pressure.

The report said the lawsuit was filed in the Federal Court of Florida against Aurobindo Pharma and also the US-based pharma company ScieGen Pharmaceuticals, which used Aurobindo’s irbesartan API to make its blood pressure lowering product, besides the distributor Westminster Pharmaceuticals and the US retail supply chain Walmart.

The latest lawsuit is a part of growing litigation against the makers and distributors of sartan-based blood pressure lowering drugs in the US, the report added.

courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/aurobindo-pharma-extends-lossesreporta-lawsuit-againstcous_11811161.html

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