Shares of Sun Pharma Advanced
Research Company (SPARC) today slumped nearly 16 per cent
after the company said its pivotal studies on treatment of
spasticity in patients with multiple sclerosis did not meet
the desired outcome.
The stock dropped 14.72 per cent to Rs 332 on the BSE.
On the NSE, it tanked 15.64 per cent to Rs 328.
Baclofen GRS is a novel, once-a-day formulation developed
by the company's proprietary gastroretentive system (GRS)
technology, SPARC said in a filing to the BSE.
SPARC CEO Anil Raghavan had said: "We are disappointed
with the outcomes of these studies and will evaluate the data
in greater detail to decide on our next steps."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)