Stock market today: Cipla share price has seen selling pressure since stock market opened today. Cipla share price today opened lower and went on to hit intraday low of ₹955.25 apiece on NSE in early morning deals, logging intraday loss to the tune of 7 percent on Monday morning deals. According to stock market investors, this slump in Cipla stock is mainly due to the recent declaration by the pharma stock with Indian exchanges. They said that the stock may further go down towards ₹875 apiece levels as the stock come below the psychological ₹1,000 levels and sustained below this for more than two hours.
Speaking on the reason for fall in Cipla share price today, Ravi Singhal, CEO at GCL Broking said, “Cipla share prices are falling because the pharma company has informed Indian bourses that USFDA has conducted cGMP inspection at its Pithampur manufacturing facility. They stock has come below ₹1,000 apice levels and it is expected to remain under pressure till the outcome of the USFDA inspection comes out.”
In latest exchange filing, Cipla said, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby notify that the United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at our Pithampur manufacturing facility from 6th – 17th February, 2023. On conclusion of the inspection, the Company has received 8 inspectional observations in Form 483. The Company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.”
On suggestion to Cipla shareholders, Ravi Singhal of GCL Broking said, “Cipla shares have sustained below ₹1000 apiece levels for more than two hours today and hence we are expecting some more dip in the scrip. Cipla shareholders are advised to hold the stock with stop loss at ₹875 levels while bottom fishing is strictly prohibited in the scrip till outcome of the USFDA inspection is released.” He advised fresh investors to look at other stocks as the stock is expected to remain under the bears’ grip in near term.