Sun Pharma dips over 2%

The firm has recalled 2,528 bottles of its generic version of diabetes drug

Shares of Sun Pharmaceutical Industries today settled for the day down 2.64% on the BSE after the US health regulator said the company has voluntarily recalled 2,528 bottles of its generic version of diabetes drug Glumetza in the US market.

The Mumbai-based firm has recalled the 2,528 bottles of its Metformin HCl Extended-Release Tablets, on the basis of a customer complaint.

According to the US Food and Drug Administration (USFDA), the company initiated the recall after it received a customer complaint that one of the bottles of Metformin HCl ER contained tablets of epilepsy drug Gabapentin.

When contacted a company spokesperson said: "We are examining the issue, and would not have anything specific to share beyond the announcement that the USFDA has made. We do not expect a significant impact on revenues."

Reacting to the development shares of the company today ended the day at Rs 596 down 2.64% from its previous closing price. During the day the stock had slumped 3.12% to an intra-day low of Rs 593.

The USFDA has classified the recall as a 'Class II', which means a remote chance of severe adverse consequences or death due to the flaw in the product.

Meanwhile, Ranbaxy on Saturday had said that it was withdrawing two lots of Atorvastatin calcium tablets, a generic version of cholesterol-lowering drug Lipitor, after a complaint of wrong dosage. Shares of Ranbaxy ended the day down 1.51% on the BSE.