Comments
Shares of Sun Pharmaceutical Industries Ltd fell as much as 5.5 per cent to Rs 640, marking their biggest daily percentage loss since May 11. The stock was the top drag on the NSE index and Nifty Pharma index.
According to a media report, the USFDA has issued six observations to Sun Pharma’s Halol plant for the inspections done during August 27-31.
The Halol unit had in June received an ‘establishment inspection report’ from the regulator for an inspection done between February 12 and February 23 this year, paving the way for its first drug approval in five years from the plant — Infugem injection used for treating cancer.
Sun Pharma was not immediately available for comment. Although the observations will not have a big impact financially, the sentiment will become negative, said Surajit Pal, analyst, Prabhudas Liladher.
“Management needs to be more serious about one of the key contributors of their business,” he added.
Nearly 10 million shares changed hands, 1.3 times their 30-day average of 7.6 million shares.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.