Shares of Shilpa Medicare Ltd jumped as much as 13.8 per cent to Rs 434, their highest since May 29. The stock posted its biggest intraday percentage gain since October 2016.

The company has received an establishment inspection report (EIR) from the USFDA for its Raichur facility in Karnataka. “We are in receipt of EIR (establishment inspection report) from the US Food and Drug Administration (USFDA) to our both API manufacturing facilities located at Raichur, Karnataka,” Shilpa Medicare said in a BSE filing today.

This inspection was carried out between January 16-19, 2018. The inspection has now been closed by the USFDA. USFDA gives EIR on closure of inspection of an establishment that is the subject of an FDA or FDA-contracted inspection.

Over 467,000 shares changed hands, compared with their 30-day moving average of 22,202 shares. The stock had fallen 38 per cent this year, as of last close.

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