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Sun Pharma shares slump 7.5% on warning letter from USFDA
Shares of Sun Pharmaceutical slumped 7.5 percent Monday as the company has received a warning letter from the USFDA over violation of manufacturing norms at its facility at Halol in Gujarat.
Mumbai: Shares of Sun Pharmaceutical slumped 7.5 percent Monday as the company has received a warning letter from the USFDA over violation of manufacturing norms at its facility at Halol in Gujarat.
The stock dipped 7.39 percent to Rs 732 on BSE.
On NSE, it plunged 7.48 percent to Rs 731.
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The stock was the top loser among the blue-chip Sensex and Nifty scrips.
The warning letter follows inspection of the facility in September 2014 by US Food and Drug Administration (USFDA) inspectors.
"Post the September 2014 inspection, the USFDA has withheld future product approvals from the Halol facility.
This situation may continue until all issues are resolved. "Sun Pharma expects to request a re-inspection by USFDA upon completion of its remediation commitments," the company had said in a statement on Saturday.
"Sun Pharma will respond to this warning letter with a detailed plan within the stipulated time frame," it said.