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Sun Pharma stock slips 4% after USFDA issues observations for Halol plant

Sun Pharma stock slips 4% after USFDA issues observations for Halol plant

Sun Pharma stock slipped 4.41 per cent to Rs 846.35 against the previous close of Rs 885.35 on BSE. The stock has fallen after two days of consecutive gain.

Sun Pharma stock has gained 23.18 per cent in a year and risen 1.73 percent in 2022. Sun Pharma stock has gained 23.18 per cent in a year and risen 1.73 percent in 2022.

Shares of Sun Pharma fell over 4 per cent today after the firm said the US FDA issued 10 observations for its Halol Plant. The stock slipped 4.41 per cent to Rs 846.35 against the previous close of Rs 885.35 on BSE. The share has fallen after two days of consecutive gain.

Shares of Sun Pharma trade higher than 200-day moving averages but lower than 5-day, 20-day, 50-day, and 100-day moving averages. Sun Pharma stock has gained 23.18 per cent in a year and risen 1.73 percent in 2022. 

A total of 2.18 lakh shares of the firm changed hands amounting to a turnover of Rs 18.83 crore on BSE. The market cap of the firm fell to Rs 2.06 lakh crore.  

At 2:49 pm, the stock was trading 2.69 percent lower at Rs 861 on BSE.

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"US FDA conducted a Good Manufacturing Practices (GMP) inspection of Sun Pharmaceutical Industries Limited's Halol facility (Gujarat, India) from April 26 to May 9, 2022. At the conclusion of the inspection, the US FDA issued a Form-483, with 10 observations. The company is preparing the response to the observations, which will be submitted to the US FDA within 15 business days. The company is committed to addressing these observations promptly," the Indian pharma firm said in a communication to bourses.  

Sun Pharma is yet to announce its earnings for the quarter and the fiscal ended March 2022.  

It posted a 11.14 per cent rise in its consolidated net profit to Rs 2,058.8 crore for the third quarter ended December 31, 2021, on the back of robust sales across domestic and international markets.  

The Mumbai-based drug major had posted a consolidated net profit of Rs 1,852.4 crore in the October-December period of previous fiscal. Total revenue from operations rose to Rs 9,863 crore in the third quarter as compared to Rs 8,836.7 crore in the same period of previous fiscal.

Published on: May 10, 2022, 3:50 PM IST
Posted by: Aseem Thapliyal, May 10, 2022, 3:45 PM IST