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Sun Pharma skids 3% after USFDA issues 8 observations to Halol plant

Halol plant is one of the largest facilities contributing to US sales.

ETMarkets.com|
Updated: Dec 16, 2019, 10.13 AM IST
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The company said it is preparing the response to the observations, which will be submitted to the US FDA within 15 business days.
Shares of Sun Pharma slid nearly 3 per cent in Monday's session after the US drug regulator issued eight observations to its Halol facility.

The drug manufacturer in a regulatory filing said, “US FDA conducted a Good Manufacturing Practices {GMP) inspection of Sun Pharmaceutical Industries's Halol facility (Gujarat, India) from December 03-13, 2019. At the conclusion of the inspection, the agency issued a Form 483, with eight observations.”

Halol plant is one of the largest facilities contributing to US sales.

The company said it is preparing the response to the observations, which will be submitted to the US FDA within 15 business days.

Meanwhile, global brokerage Morgan Stanley maintained overweight stance on the stock with a target price of Rs 530. It said its stance on the stock is driven by positive operating leverage.

At 9.58 am, the stock was trading down 1.48 per cent at Rs 432.15 on BSE. The scrip has given flat returns year-to-date, against Sensex’s 14 per cent gain. In the last one month, though, it is up 4.43 per cent outperforming the benchmark.

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