Sun Pharma Tanks 5% over Worries Of Halol Facility

Sun Pharma share price is set to extend its losing streak for the fourth straight session on Wednesday on rising concerns over the Halol facility in Gujarat. On Tuesday it was reported that the USFDA has informed that the Halol facility has issued a 14-page Form 483 post inspection.

The rising concerns over the Halol facility has made the Sun Pharma share price tank 5.39% in trade today at NSE. The stock had opened at Rs. 700 also its intraday high today against its previous close of Rs. 706.15

Worries over Halol resurfaced after Sun Pharma's plant at Mohali, one of the facilities of erstwhile Ranbaxy, received seven observations after a re-inspection by the USFDA last month. Notably, it is the same team of FDA executives that re-inspected the Halol plant, too.

A notice on the BSE said that the exchange has sought clarification from Sun Pharmaceutical Industries on December 07, 2016, with reference to a report dated December 07, 2016, quoting 'USFDA informs that Halol issued 14-page Form 483 post inspection.

Meanwhile at 1:51 PM, Sun Pharma share price was trading at Rs. 670, down by 5.12%. So far almost 79 lakh shares had changed hands over the NSE trading counter.

On a month-to-date basis, Sun Pharma share price have slipped 2.19 per cent to Rs 706 till December 6. The scrip was trading at Rs 721.80 on December 1. The stock has appreciated nearly 7 per cent since the announcement of its second quarter earnings on November 10.  Lower valuations, defeat of the Democratic candidate in the US presidential election and a weaker rupee has set off buying interest on the counter.

Sun Pharma is the top 500 performing stock as identified by Dynamic Levels for the quarter. For the details on the stock, kindly drop by at Sun Pharma share price history page of Dynamic Levels website.