On 21st Dec, Sun Pharma share price dipped 2 per cent to Rs 615 on the NSE, its lowest level since November 9, 2016. In the past 14 trading days, the stock was down 15 per cent erasing its entire gain recorded after July-September (Q2FY17) results.
But, on 22nd Dec, the stock picked pace and is currently trading at Rs. 618.20, up by 3 per cent. The scrip opened at Rs. 616.25 against its previous close at Rs. 614.45.
Between November 9 and December 1, after Q2F17 results, the stock had outperformed the market by rallying 9 per cent from Rs 661 to Rs 722, as compared to 2.5 per cent decline in the benchmark index. On 7th Dec, Sun Pharma informed that the US health regulator made nine observations after the execution of inspection of its Halol facility in Gujarat.
The United States Food and Drug Administration (US FDA) inspected the Halol facility from November 17, 2016 to December 1, 2016. As the inspection ended, the US FDA issued a Form-483, quoting nine inspectional observations. None of those observations were characterized by the US FDA as repeat observations.
The company is making preparations for the observations, which will be submitted to US FDA within 15 business days of receipt of the Form-483, Sun Pharma said. Halol plant is key for Sun Pharma and it contributed in high single digits to its US sales before it was issued a warning letter last December.
Sun Pharma share price hit a 52 week high of Rs 898.45 (23-FEB-16)whereas the 52-week low value is seen at Rs 571.90 (09-NOV-16. The mid-cap company has a market cap of Rs 147883.00 (Cr). Face value per share is Rs 1.
For further details on the stock, refer to Sun Pharma share price history.
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