Granules Pharmaceuticals, Inc. clarifies on recall of 4.78 lakh bottles of Metformin Hydrochloride Extended-Release(ER) tablets USP, 750mg

Over the past weekend, there were several media sources that claimed that Granules India recall 4.78 lakh bottles of diabetes drug in the US. Granules Pharmaceutical Inc. (GPI), Chantilly, VA, a wholly owned subsidiary of Granules India Limited, would like to clarify that there has been no additional recall post the press release, dated July 3rd, 2020, also attached herewith. As mentioned in that press release, Granules did a voluntary recall of 12 batches of 750mg of the generic Metformin ER. Only 1 (One) batch out of a total of 12 (Twelve) did not meet the specifications, but all the batches of 750mg were pulled out on abundance of caution. The 750mg constitutes less than 8% of the total volume of Generic Glucophage ER (Reference Listed Drug) as per IQVIA data and constituted 0.3% of the total revenue of the company as per the year ended FY 20.

Shares of GRANULES INDIA LTD. was last trading in BSE at Rs.303.2 as compared to the previous close of Rs. 280.3. The total number of shares traded during the day was 644066 in over 10315 trades.

The stock hit an intraday high of Rs. 311 and intraday low of 277.8. The net turnover during the day was Rs. 189957576.

Source : Equity Bulls

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