Moneycontrol News
Shares of Sun Pharma recovered over 6 percent from the day’s low as investors turned bullish on reports of US FDA lifting an import alert from Mohali unit.
The stock jumped up nearly 6 percent intraday on Tuesday after the company said that the US Food and Drug Administration was planning to remove Sun Pharma from the Official Action Initiated status.
The proposed action will clear the path for the firm for products from the Mohali plant.
"The Mohali facility was inherited by Sun Pharma as part of its acquisition of Ranbaxy Laboratories in 2015. The US FDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy’s consent decree of permanent injunction. Certain conditions of the consent decree will continue to be applicable to the Mohali facility," the company said in a filing to the exchanges.
The stock rose over 10 percent in the past one month, while its 3-day movement rose over 6 percent. At 13:55 hrs, the stock was quoting at Rs 724.00, up Rs 40.45, or 5.92 percent, on the BSE. It touched an intraday high of Rs 728.45 and an intraday low of Rs 678.10.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
