Sun pharma falls 8%, drags down pharma index
Halol, the pharma major's one of the biggest units, is barred from new drug filings in the American market
Nifty pharma index plunged over 1% during the noon trading session. Image source: PTI
Sun Pharmaceuticals shares fell 8% after a block deal of nearly 21 lakh shares took place in today's session amid reports of USFDA inspection at its Halol plant in Gujarat.
Halol, the pharma major's one of the biggest units, is barred from new drug filings in the American market.
Nifty pharma index plunged over 1% during the noon trading session, Divis Laboratories, Cipla and Sun Pharmaceuticals
among the losers.
Sun Pharmaceuticals was trading at Rs 533, down 4.72% from its previous closing of Rs 559.40 on the BSE.
Also Read: US drags down Sun Pharma's overall Q3FY18 earnings; consolidated PAT declines 75% yoy
Sun Pharma’s US formulations and Indian-branded Generics contributed 45% and 26% respectively to FY17 revenue, while Emerging markets, ROW and API contributed 15%, 9% and 5% respectively, according to India Infoline.
It has a strong pipeline for the US market with 136 ANDAs and 4 NDAs awaiting approval, the report said.