Sun Pharma gains after clarification on media reports

Sun Pharmaceutical Industries rose 1.59% to Rs 899 at 9:49 IST on BSE after the company issued a clarification with regard to media reports on a class action suit filed against the company's US subsidiary.

The company issued the clarification after market hours on Friday, 28 August 2015.

Meanwhile, the S&P BSE Sensex was down 117.28 points or 0.44% at 26,275.10.

On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 3.68 lakh shares in the past two weeks.

The stock hit a high of Rs 902.25 and a low of Rs 871.15 so far during the day. The stock had hit a record high of Rs 1200.70 on 7 April 2015. The stock had hit a 52-week low of Rs 748.15 on 26 September 2014.

With regard to news item titled "A class action suit filed against a Sun Pharma subsidiary arm Caraco Pharmaceutical Laboratories in US by workers", Sun Pharmaceutical Industries clarified after market hours on Friday, 28 August 2015 that the aforesaid news item is regarding a decision from the 6th US Circuit Court of Appeals in a class action lawsuit by some former employees of the company's US subsidiary company in US following the shut down of company's subsidiary's Michigan facility. Sun Pharmaceutical Industries said that there is no material impact of the said judgement on the operations/performance of the company.

Sun Pharmaceutical Industries' consolidated net profit dropped 60.2% to Rs 478.96 crore on 3.3% growth in net sales to Rs 6522.16 crore in Q1 June 2015 over Q1 June 2014.

Sun Pharmaceutical Industries is one of the leading pharmaceutical companies in the world. The company has 45 manufacturing facilities spread across 5 continents and R&D centres across the globe. In India, the company enjoys leadership across 13 different classes of doctors with 30 brands featuring amongst top 300 pharmaceutical brands in India.

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