Sun Pharma bounces back after recent fall

Sun Pharmaceutical Industries rose 2.86% to Rs 549.80 at 15:04 IST on BSE on bargain hunting after a recent slide.

Meanwhile, the S&P BSE Sensex was down 300.23 points, or 0.88% to 33,746.71.

On the BSE, 10.65 lakh shares were traded in the counter so far compared with average daily volumes of 6.88 lakh shares in the past two weeks. The stock had hit a high of Rs 552 and a low of Rs 527.10 so far during the day. The stock hit a 52-week high of Rs 728.45 on 14 March 2017. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

Shares of Sun Pharmaceutical Industries fell 6.26% in four trading sessions to settle at Rs 534.50 on 1 March 2018, from its close of Rs 570.20 on 23 February 2018.

Last month, the company informed that the United States Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection of Sun Pharmaceutical Industries' Halol facility in Gujarat, India from 12 to 23 February 2018. At the conclusion of the inspection, the agency issued a Form 483, with three observations. The company said it was preparing the response to the observations, which will be submitted to the USFDA within 15 business days. The company is committed to addressing these observations promptly.

The company said it remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis.

On a consolidated basis, net profit of Sun Pharmaceuticals Industries declined 76.76% to Rs 400.17 crore on 14.12% decline in net sales to Rs 6598.21 crore in Q3 December 2017 over Q3 December 2016.

Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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