Moneycontrol
Last Updated : Sep 12, 2018 09:30 AM IST | Source: Moneycontrol.com

Sun Pharma shares slide 1.5% after FDA begins inspection of Mohali plant

The company confirmed the inspection in a response to a clarification sought by the NSE.

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Moneycontrol News 

Shares of Sun Pharmaceuticals Industries dropped about 1.5  percent after the company confirmed that the USFDA is inspecting its Mohali plant in Punjab.

The stock has lost about 5.06 percent in the past seven days.

Media reports on September 11 suggested that the Food and Drug Administration (FDA) had begun a surprise three-day investigation at Sun Pharma's Mohali facility.

"The USFDA is conducting an inspection of Sun Pharmaceutical Industries Ltd.'s Mohali facility (Punjab, India). The inspection started yesterday, September 10, 2018 and is ongoing," the company said in response to a clarification sought by the National Stock Exchange (NSE).

Sun Pharma added that the inspection will not have any material impact.

Media reports also suggest that the FDA lat week issued six observations related to its Halol plant in Gujarat.

The Mohali plant used to belong to Ranbaxy Laboratories and was under an import ban by the FDA in 2013.

At 09:25 hrs, Sun Pharmaceutical Industries was quoting at Rs 621.05, down 1.58 percent from the previous close.
First Published on Sep 12, 2018 09:30 am
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