Sun Pharma drops after recall of product

Sun Pharmaceutical Industries lost 1.19% to Rs 542 at 9:18 IST on BSE after the company said it is recalling two lots of Riomet to the retail level.

The announcement was made after market hours on Friday, 24 November 2017.

Meanwhile, the S&P BSE Sensex was down 87.13 points or 0.26% at 33,592.11.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 4.56 lakh shares in the past one quarter. The stock had hit a high of Rs 545.05 and a low of Rs 538.30 so far during the day. The stock had hit a 52-week high of Rs 730.75 on 2 December 2016 and a 52-week low of Rs 433.15 on 14 August 2017.

Sun Pharmaceutical Industries (Sun Pharma) said it is recalling two lots of Riomet (Metformin Hydrochloride Oral Solution), 500 mg/5ml, to the retail level (Class II Recall). This product is manufactured for SPII by a contract manufacturer. The Riomet has been found to be contaminated. The contamination was discovered during sample preparation for the Antimicrobial Preservative Effectiveness Testing (AMPET) being performed as part of the 12 month stability study interval.

On a consolidated basis, Sun Pharmaceutical Industries' net profit fell 59.5% to Rs 1001.79 crore on 15% decline in net sales to Rs 6590.06 crore in Q2 September 2017 over Q2 September 2016.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

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