Sun Pharma shares spurt 3 pc; m-cap rises by Rs 4,500 cr

Shares of Sun Pharma Wednesday witnessed volatile trading but finally settled with gains of nearly 3 per cent, following which the market capitalisation of the company rose by Rs 4,500 crore.

During the day, the shares of the company had slipped 1.75 per cent to an intra-day low of Rs 620. The stock, however, recovered lost ground and finished at Rs 649.85, up 2.98 per cent on the BSE.

Following the recovery in the counter, the market capitalisation of the company climbed by Rs 4,506.88 crore to Rs 1,55,916.26 crore.

The stock had fallen 4 per cent in the last three trading sessions.

The drug major Tuesday said the US health regulator is conducting an inspection of its Mohali facility in Punjab.

The inspection by the United States Food and Drug Administration (USFDA) started on September 10, 2018 and is ongoing, Sun Pharma had said in a regulatory filing in clarification to an article.

Last week, the USFDA had issued Form 483 with six observations after an inspection of the company's Halol facility in Gujarat. The US regulator had conducted a pre-approval inspection (PAI) of the Halol plant in August.

"The Company will be submitting its response on the observations to the US FDA within 15 business days. Sun Pharma is committed to addressing these observations promptly," Sun Pharma had said.