Ipca Laboratories shares hit fresh 52-week low of Rs 480 on Friday, falling 14 percent intraday after Geneva-based fund decided not to source any anti-malaria drug from the company. "....following a risk consideration exercise post USFDA warning letter to company, The Global Fund (Geneva, Switzerland) informed that they will not allocate any volume of Artemisinin based Combination Therapy (ACTs) to the company," says the Maharashtra-based pharma company. The fund has re-assessed the situation after a warning letter issued to the company by the United States Federal Drug Regulatory Authority (USFDA) on January 29, 2016.
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Tata Steel, Tata Motors, Tata Power, Sun Pharma, HUL, Reliance Industries, Larsen & Toubro, TCS, Lupin, Wipro and Vedanta gained up to 2 percent in early trade.capitalstars
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