Sun Pharma falls as USFDA investigates Mohali plant
Sun Pharma’s Mohali plant in Punjab is undergoing a three-day surprise investigation by the USFDA. The investigation commenced on September 10, 2018, confirmed the company in an exchange filing. The company is of the opinion that the investigation will not cause any material impact.
Back in November 2016, the US drug regulator had investigated the company's Mohali plant for breach of manufacturing standards. The company’s Halol manufacturing facility in Gujarat has also been inspected by USFDA.
The Mohali plant once belonged to Ranbaxy Laboratories and was subject to an import ban by the FDA in 2013. Sun Pharma acquired Ranbaxy for US$ 4 billion in 2015. While the US regulator had withdrawn the import ban some time ago, the regulator launched a surprise investigation on Monday.
On Wednesday, the shares of Sun Pharma opened at Rs. 625.00 per share and hit a low of Rs. 620.00 per share on the BSE. At 11.23 hours, the stock was trading at Rs. 637.20 per share, up by 0.97 per cent.