Shares of Sun Pharma Advanced Research Company (SPARC) today slumped nearly 16 per cent after the company said its pivotal studies on treatment of spasticity in patients with multiple sclerosis did not meet the desired outcome.
The stock dropped 14.72 per cent to Rs 332 on the BSE. On the NSE, it tanked 15.64 per cent to Rs 328.
Baclofen GRS is a novel, once-a-day formulation developed by the company’s proprietary gastroretentive system (GRS) technology, SPARC said in a filing to the BSE.
SPARC CEO Anil Raghavan had said: “We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps.”