Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories fell 3.65% to 4.16% at 9:36 IST on BSE, with the stocks extending Thursday's slide triggered by the reports of USFDA inspection at Sun Pharma's manufacturing facility in Halol, Gujarat.
Sun Pharmaceutical Industries (down 3.65% at Rs 792.75) and Ranbaxy Laboratories (down 4.16% at Rs 596.50) declined.
Meanwhile, the S&P BSE Sensex was up 8.30 points or 0.03% at 27,004.17.
According to reports, Sun Pharmaceutical Industries (Sun Pharma)'s manufacturing facility in Halol, Gujarat is undergoing a surprise inspection by the US Food and Drug Administration (USFDA). The plant supplies significant amount of medicines to the US. Halol plant reportedly contributes to around 40% of US sales and around 25% of consolidated profit of the company.
Shares of Sun Pharma had tumbled 4.28% to settle at Rs 822.80 on Thursday, 11 September 2014.
In April 2014, Sun Pharmaceutical Industries acquired Ranbaxy Laboratories in a $4 billion landmark transaction.
Shares of Ranbaxy Laboratories had slumped 4.63% to settle at Rs 622.40 on Thursday, 11 September 2014.
Ranbaxy Laboratories reported a consolidated net loss of Rs 185.93 crore in the quarter ended 30 June 2014, lower than net loss of Rs 524.24 crore in the quarter ended 30 June 2013. Net sales declined 8.19% to Rs 2372.24 crore in the quarter ended 30 June 2014 over the quarter ended 30 June 2013.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies.
Sun Pharmaceutical Industries reported consolidated net profit of Rs 1390.51 crore in Q1 June 2014 as compared to net loss of Rs 1276.10 crore in Q1 June 2013. Net sales rose 12.8% to Rs 3926.85 crore in Q1 June 2014 over Q1 June 2013.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company.
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