Sun Pharmaceutical Industries fell 1.98% to Rs 600.05 at 14:04 IST on BSE on reports the company is voluntarily recalling 2,528 bottles of its generic version of diabetes drug Glumetza from US-based Santarus Inc.
Meanwhile, the BSE Sensex was up 20.58 points, or 0.09%, to 21,940.37.
On BSE, so far 1.18 lakh shares were traded in the counter, compared with an average volume of 1.34 lakh shares in the past one quarter.
The stock hit a high of Rs 611 and a low of Rs 595.05 so far during the day. The stock hit a record high of Rs 653.10 on 3 March 2014. The stock hit a 52-week low of Rs 405.50 on 1 April 2013.
The stock had underperformed the market over the past one month till 7 March 2014, rising 1.80% compared with the Sensex's 7.57% rise. The scrip had, however, outperformed the market in past one quarter, rising 5.16% as against Sensex's 4.40% rise.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
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According to reports, Sun Pharmaceutical Industries began recalling the bottles of metformin HCL extended-release tables in the United States on 28 January 2014, after it received a customer complaint that one of the bottles contained tablets of epilepsy drug Gabapentin.
The company did not expect a significant impact by the recall, reports said.
The US Food and Drug Administration (USFDA) classified the recall as a "Class II," which signifies a remote chance of severe adverse consequences or death due to the product flaw, reports added.
Sun Pharma's consolidated net profit surged 73.73% to Rs 1531.09 crore on 51.59% increase in total income to Rs 4446.82 crore in Q3 December 2013 over Q3 December 2012.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company with over 72% sales from global markets. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in US, India and several other markets across the world.
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