Shares of MedPlus Health Services decline when authorities revoke the drug license of the subsidiary

 Shares of MedPlus Health Services decline when authorities revoke the drug license of the subsidiary

Shares of MedPlus Health Services decline when authorities revoke the drug license of the subsidiary

The Assistant Director, the Drug Control Administration, and the Drug Sales Licensing Authority have all sent instructions to one of the subsidiary companies from different locations.

Early on December 29, after the receipt of a drug license suspension order by a subsidiary, the share price of MedPlus Health Services dropped.

At 9:24 a.m., MedPlus Health Services' stock was trading on the BSE for Rs 740.40, down Rs 4.40 or 0.59%.

According to the corporation, a subsidiary has received directives from many sources, including the Assistant Director, the Drug Sales Licensing Authority, and drug control agencies.

The business was issued a license suspension notice for its Kongareddy Palli shop in the Andhra Pradesh district of Chittoor, which was to be in effect for seven days from the date of receipt.

The drug license for the shop on Horamavu Main Road in Bengaluru has been stopped for a period of three days by Bengaluru Circle-5, Karnataka, while the drug license for the business at HBR Layout - 2 in Bengaluru has also been suspended by the same authority. has been put on 3-day suspension.

On December 26, the business received orders for breaking many licensing requirements imposed under the terms of the Drugs and Cosmetics Rules of 1945 as well as Section 65/Rule 65 of the Drug and Cosmetic Act of 1940.