Sun Pharma shares drop nearly 2 pc on observations by USFDA

Shares of Sun Pharmaceutical Industries Friday fell by nearly 2 per cent after the US health regulator issued Form 483 with observations after an inspection of its Halol facility in Gujarat.

The scrip declined 1.84 per cent to end at Rs 664.20 on the BSE. Intra-day, it lost 5.27 per cent to Rs 640.95.

On the NSE, shares of the company dropped by 1.86 per cent to close at Rs 664.80.

In terms of the equity volume, 12.61 lakh shares of the company were traded on the BSE, and over 2 crore shares changed hands on the NSE during the day.

The United States Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) of the company's Halol facility from August 27 to August 31, 2018, Sun Pharmaceutical Industries said in a BSE filing.

"At the conclusion of the inspection, the agency issued a Form 483, with six observations," it added.

The company, however, did not provide details about the observations issued.

As per the US health regulator, FDA form 483 notifies the company's management of objectionable conditions at the facility inspected.