Shares of Alembic Pharmaceuticals soared nearly 5 percent on October 9 after the drugmaker's oncology formulation facility in Panelav, Gujarat cleared the US Food and Drug Administration's inspections without any observations.

The USFDA had inspected the facility on October 7 and 8. Following the regulatory clearance of the unit, shares of Alembic Pharma opened on a positive note and extended gains to hit its record high of Rs 1,303.90 before some profit booking pulled its off its peak. At 11.46 am, shares of Alembic Pharma were trading at Rs 1,260.90 on the NSE.

The uptick in the stock was also triggered by a sharp spike in trading volumes. As much as six lakh shares changed hands on the exchanges so far, higher than the one-month daily traded average of five lakh shares.