Shares of Sun Pharma Advanced Research Company (SPARC) today ended nearly 6 per cent lower after the company said its pivotal studies on treatment of spasticity in patients with multiple sclerosis did not meet the desired outcome.
The stock dived 5.82 per cent to settle at Rs 366.70 on BSE. During the day, it tumbled 14.72 per cent to Rs 332.
At NSE, shares of the company plunged 5.59 per cent to end at Rs 367.10.
The company's market valuation also declined by Rs 558.32 crore to Rs 9,053.68 crore.
Baclofen GRS is a novel, once-a-day formulation developed by the company's proprietary gastroretentive system (GRS) technology, SPARC said in a filing to BSE on Friday.
SPARC CEO Anil Raghavan had said: "We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps.
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