Shares of Alembic Pharmaceuticals spiked 20 per cent and locked in upper circuit on the Bombay Stock Exchange after pharma major received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Bupropion Hydrochloride Tablets USP, 75 mg and 100 mg.
Following the announcement, stocks of the company gained as much as 20 per cent and touched an intra-day high of Rs 521.80 apiece on the Bombay Stock Exchange.
In a similar trend, shares of the firm were trading 20.00 per cent higher at Rs 522.30 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 35,609.13, up 165.46 points, or 0.47 per cent at 12:20 hours.