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Sun Pharma falls 3% As Halol Facility Gets Eight USFDA Observations

Shares of Sun Pharma fell 3 percent on Monday after the United States Food and Drug Administration (USFDA) issued a Form 483 for its Halol facility with eight observations.

The US regulator had conducted a ‘good manufacturing practices’ inspection at the company’s Halol facility, Gujarat, from December 03 to December 13.

The stock fell as much as 2.7 percent today to Rs 426.50 per share on the BSE. At 12:59 pm, the stock was trading 1 percent lower at Rs 434.

“The company is preparing the response to the observations, which will be submitted to the US FDA within 15 business days. The company is committed to addressing these observations promptly,” Sun Pharma said in a BSE filing.

It added that the company remains committed to working closely with the US FDA and continues to enhance its ‘good manufacturing practices’ compliance.

Global brokerage Morgan Stanley maintained an ‘overweight’ call on the stock with a target of Rs 530 per share. As per the brokerage, it is difficult to assess the severity of Halol observations at this point. The brokerage is positive on the company in view of projected earnings growth.-CNBC Tv18

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