share price slumped over 7% on Thursday's trade wiping out the gains of the previous two weeks following the release of the warning letter, the US Food and Drug Administration (US FDA) sent to the company's Pithampur unit on Saturday, November 18. Cipla share price today opened at intraday high level of 1,272.95 apiece on . Cipla emerged as the top laggard in the Nifty 50 today so far. According to technical analysts, the Cipla shares have slipped after failing to sustain above the August month swing high around 1,280, but the fall is majorly because of news. “Last three sessions, the prices were up, but today there's weakness erasing last couple of week's gains. as of now, 1160 - 1150 is the next support and one should avoid fresh longs as long there's a base or reversal signs," said Rajesh Bhosale - Equity Technical and Derivative Analyst, . According to Ruchit Jain, Lead Research Analyst at 5paisa, Cipla stock has corrected due to negative news flows. Technically, it has significant resistance around 1280 and stock could underperform in the near term. According to the company's exchange filing from November 18, it received a warning letter from the US FDA on November 17 regarding a routine current good manufacturing practises (cGMP) inspection that took place at its Pithampur manufacturing facility from February 6–17, 2023. “This warning letter summaries contraventions regarding methods or controls followed at the facility which do not conform to the prescribed cGMP regulations and contains directional guidance for necessary corrections," the company said. In order to maintain continuous compliance, the company will reply to the warning letter within the allotted time frames and closely work with the US FDA to address the issues in a comprehensive and timely manner. “We uphold quality and compliance with utmost importance and remain committed to be compliant with the cGMP quality standards,"added the company. The US FDA conducted a cGMP inspection at the company's Pithampur manufacturing facility from February 6–17, 2023, according to the exchange filing dated February 18. Eight inspectional observations in form 483 were given to the company at the end of the inspection. Cipla Livemint tops charts as the fastest growing news website in the world to know more.