Sun Pharma shares slump after FDA warning letter

MUMBAI (Reuters) - India's largest drugmaker Sun Pharmaceutical Industries Ltd's shares opened down 6.4 percent on Monday, after the U.S. Food and Drug Administration issued the firm a warning letter on its key Halol manufacturing plant in western India.

The stock has fallen more than 10 percent since the beginning of the year.

The FDA's warning to Sun Pharma was based on an inspection of the Halol plant the agency conducted in Sept. 2014, after which it outlined a series of concerns it observed with the manufacturing processes there.

Sun Pharma said on Saturday that it had been working on resolving the concerns, and is assessing what more it needs to now do.

 

(Reporting by Zeba Siddiqui in Mumbai; Editing by Clara Ferreira Marques)