The Croatian Agency for Medicinal Products and Medical Devices (HALMED) had inspected the facilities between March 9 and 13.
The company has been issued non-compliance observations for both units, which that pharma firm said are procedural.
Brokerage firm Macquarie said EU good manufacturing practices (GMP) compliance is central to ambition of building EU-focused contract development and manufacturing organization (CDMO) business. It said the EU GMP certification is important for exports to certain emerging markets.
Unresolved observations could slow progress on the CDMO front, it added.
Macquarie said the company will submit a corrective action plant and it believes a follow-on inspection will be required. Nevertheless, the brokerage has an “outperform” rating on the stock.
11 out of the 12 analysts who have coverage on Eris Lifesciences have a “buy” rating on the stock, while the other one has a “hold” rating.
Eris Life shares declined 5.6% to hit an intraday low of ₹1,352 apiece on Tuesday. The stock has gained 6.6% in the past month but has declined 9.8% this year, so far.
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