Sun Pharma falls 5% on reports of USFDA issues observations

In past three months, Sun Pharma had outperformed the market by surging 38% as compared to a 9% rise in the benchmark index till Thursday.

Shares of Sun Pharmaceutical Industries dipped 5% to Rs 641 on the BSE in early morning trade on Friday on profit booking after the media report suggested that the U.S. drug regulator issued six observations on the company’s plant located at Halol for inspections carried out during August 27-31.

Observations in the latest Form 483 point to issues relating to test procedures. Two analysts with an international brokerage, who also had access to the Form 483, indicated that the observations are not critical, and Sun Pharma will be able to resolve these issues soon, the BloombergQuint reported.

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