The announcement was made during trading hours today, 4 December 2018.

Meanwhile, the S&P BSE Sensex was down 131.03 points, or 0.36% to 36,109.97.

On the BSE, 7,607 shares were traded in the counter so far compared with average daily volumes of 1.92 lakh shares in the past two weeks. The stock had hit a high of Rs 1,950 and a low of Rs 1,899 so far during the day.

The stock hit a 52-week high of Rs 2,468 on 10 January 2018. The stock hit a 52-week low of Rs 1,742 on 17 April 2018.

The US Food and Drug Administration (USFDA) issued an establishment inspection report (EIR) to the company's manufacturing facility located at St. Louis, USA which was inspected from 12 March 2018 to 16 March 2018.

In response to the Form 483 issued by the USFDA containing one observation, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The inspection has now been closed by the USFDA.

On a consolidated basis, net profit of Alkem Laboratories declined 20.47% to Rs 260.42 crore on 3.22% rise in net sales to Rs 1918.92 crore in Q2 September 2018 over Q2 September 2017.

Alkem Laboratories is a leading Indian pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.