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Divi's Lab Shares Pare Gains, Trade Flat After US FDA Closes Out Warning Letter

The shares of Divi's Laboratories (Divi's Lab) pared early gains to trade 0.86% higher at Rs 1,018 on BSE at 3.10 pm. The scrip had hit 8% higher

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Divi's Lab Shares Pare Gains, Trade Flat After US FDA Closes Out Warning Letter

Divi's Labs shares trade flat ahead of market's closing hours


The shares of Divi's Laboratories (Divi's Lab) pared early gains to trade 0.86% higher at Rs 1,018 on BSE at 3.10 pm. The shares had soared 8% higher soon after the company informed the stock exchanges that the US Food and Drug Administration (US FDA) has completed the evaluation of the pharma company's corrective actions in response to FDA's warning letter dated April 13, 2017.

"Further to our letter dated 2 November 2017, Divi's Laboratories has been informed by the US-FDA that the agency has completed evaluation of the company's corrective actions in response to FDA's warning letter dated April 13, 2017," said the company in stock filing.

At 9.27 am, the shares trade at Rs 1,047.45, nearly 4% higher than the previous session's closing on Friday on BSE. The shares trade at Rs 1,043.60 on NSE.

In the early morning trade, the scrip had hit Rs 1089.90, 7.9% higher than Thursday's closing,

"We also note from the update on FDA's website that they have closed out the warning letter," said the company. Nearly a month after the FDA's warning letter, company's shares had hit the 52-week lowest to Rs 533.10 on 29 May
.



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