Reacting to this development, shares of the company opened on a weak note at Rs. 364 and then plunged as much as 2.36% to an early low of Rs. 354.85 on BSE.
The stock faced similar trends on the National Stock Exchange as well, where it opened at Rs. 362, then plunged 2.70% to an early low of Rs. 354.10.
Domestic brokerage firm Angel Broking in its research report said that "since the company has voluntarily withdrawn its production, we believe that the company would have made alternative arrangements for the production of the withdrawn API's (Active Pharmaceutical Ingredients)".
"We remain neutral on the stock," Angel Broking (VP-Research, Pharma) Sarabjit Kour Nangra said.