Sun Pharmaceutical Industries lost 1.2% to Rs 566.70 at 10:01 IST on BSE, with the stock extending Thursday's 5.13% slide triggered by USFDA issuing an import alert for the company's cephalosporin facility located at Karkhadi, Gujarat in India.
Meanwhile, the S&P BSE Sensex was down 98.16 points or 0.45% at 21,676.45.
On BSE, so far 1.70 lakh shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past two weeks.
The stock hit a high of Rs 572 and a low of Rs 552.50 so far during the day.
Shares of Sun Pharmaceutical Industries (Sun Pharma) have declined 6.17% in two trading sessions from a recent high of Rs 604 on 12 March 2014 after the company during trading hours on Thursday, 13 March 2014 said the United States Food and Drug Administration (USFDA) issued an import alert for the company's cephalosporin facility located at Karkhadi, Gujarat in India. The stock had declined 5.13% to settle at Rs 573 on Thursday, 13 March 2014. The import alert was issued by the USFDA as a follow up to the last inspection of the facility, during which some non-compliance of current Good Manufacturing Practice (cGMP) regulations were identified, Sun Pharma said in a statement.
Sun Pharma said it remains fully committed to compliance and has already initiated several corrective steps to address the observations made by the USFDA. The contribution of this facility to Sun Pharma's consolidated revenues is negligible. Sun Pharma said that there is no change in the company's consolidated sales growth guidance for the year ending March 2014.
At the time of the announcement of Q3 December 2013 results last month, Sun Pharmaceutical Industries had raised its consolidated revenue growth guidance to 29% for the year ending 31 March 2014, from the previous guidance of 25%. The guidance is at constant exchange rate.
Sun Pharmaceutical Industries' consolidated net profit surged 73.7% to Rs 1531.09 crore on 50.3% growth in net sales to Rs 4286.59 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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