Sun Pharmaceutical Industries dropped 0.65% to Rs 635.90 at 11:05 IST on BSE after the company clarified that a Form-483 observation letter was issued by the US drug regulator to its Dadra facility.
The clarification was issued by the company on Saturday, 22 April 2017.The stock had dropped 2.41% to Rs 640.05 on Friday, 21 April 2017 after a report suggested that the company has received 11 observations from the US drug regulator for its Dadra unit.
Meanwhile, the S&P BSE Sensex was up 115.59 points, or 0.39% to 29,480.89.
The stock has declined 8.14% in six sessions to its ruling price of Rs 635.90, from a close of Rs 692.30 on 13 April 2017.
On the BSE, 1.53 lakh shares were traded in the counter so far, compared with average daily volumes of 3.74 lakh shares in the past one quarter. The stock had hit a high of Rs 645 and a low of Rs 632.55 so far during the day. The stock had hit a 52-week high of Rs 854.50 on 5 August 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016.
The stock had underperformed the market over the past one month till 21 April 2017, declining 8.47% compared with 0.41% drop in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 0.13% as against Sensex's 8.62% rise.
The large-cap company has equity capital of Rs 239.93 crore. Face value per share is Re 1.
With respect to news article titled "FDA issues 11 observations for Dadra unit," Sun Pharmaceutical Industries clarified that company's Dadra facility underwent an inspection by United States Food & Drug Administration (USFDA) recently. This inspection was completed on 13 April 2017.
A Form-483 observation letter was issued by the USFDA post the inspection, listing 11 observations. The company is currently in the process of responding to the said letter to the USFDA within the stipulated timeline of 15 days.
It added that Sun Pharma and its subsidiaries have many facilities which supply products to the US market. These facilities undergo periodic routine inspection by the USFDA in normal course of business. As indicated above, the company is in the process of responding to the USFDA for the Form-483 observation letter issued for the Dadra facility.
If there are any material developments related to this inspection, the company will promptly inform the stock exchanges, Sun Pharma added.
On a consolidated basis, Sun Pharmaceuticals Industries' net profit declined 11.2% to Rs 1721.85 crore on 8.4% rise in net sales to Rs 7683.24 crore in Q3 December 2016 over Q3 December 2015.
Sun Pharma is a specialty generic pharmaceutical company and India's top pharmaceutical company.
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