Sun Pharma gets bitter
Sun Pharma is the top loser since the opening bell, going down over 4.5% to Rs.674 levels. It has recovered a bit but remains some 4% down at Rs.378 currently.
There was news in one of the business news channels that its Halol plant has been issued a 14 page 483 observation post inspection by the US FDA. This inspection was completed on 1st Dec’16. This is the same plant, which in Sept’14 had received a similar 19-page observation, which then led to a warning letter.
The market is extremely disappointed with this development as it was hoping that Halol issue would have actually got resolved and not get prolonged once again.
The stock exchanges have sought clarification from the company on this news and the company is yet to revert back.