Sun Pharma, Ranbaxy Laboratories rally over 5%

Sun Pharma rallied 5.4% to Rs 816, while Ranbaxy Laboratories surged 6.3% to Rs 610 on NSE.

Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories have rallied over 5% each in otherwise subdued market on CNBC-TV18 report that suggests that a team of US FDA inspectors, which recently conducted a surprise audit on a Gujarat unit of Sun Pharmaceutical , has submitted Form 483.

Submission of Form 483 means the FDA team found certain procedural issues with respect to the plant's running and seeks corrective action but may not imply an immediate import ban; report suggests quoting Credit Suisse report.

Crucially though, the FDA did not find any data integrity issues with the plant, leading Credit Suisse analysts to believe that chances of an import alert would be low, report added.

Sun Pharma has rallied 5.4% to Rs 816, while Ranbaxy Laboratories has surged 6.3% to Rs 610 on National Stock Exchange.