Sun Pharma, Ranbaxy Laboratories tumble

Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories shed 3.81% to 4.05% at 10:27 IST on BSE on reports that Sun Pharma's manufacturing facility in Halol, Gujarat is undergoing a surprise inspection by the US Food and Drug Administration.

Sun Pharmaceutical Industries (down 4.05% at Rs 824.85) and Ranbaxy Laboratories (down 3.81% at Rs 627.80) declined.

Meanwhile, the S&P BSE Sensex was up 20.58 points or 0.08% at 27,077.99.

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 move may have been triggered by a number of recent recalls from the plant, reports added.

Sun Pharma had announced the acquisition of Ranbaxy Laboratories for $4 billion in April 2014.

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.

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.

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