Sun Pharma opened lower at Rs.1015, going down further to Rs.978, down 4% and is currently trading around the same price. Its 52-week low is at Rs.745.45.
The stock price slipped after the US FDA slapped an import alert on its Halol plant in Gujarat. An import alert means that its drug shipments from this facility might not be allowed entry into USA until the facility becomes compliant with the regulator's Current Good Manufacturing Practice standards. 14 products have been excluded from this import.
This plant had received "official action indicated" in Aug’22 after FDA made 10 observations and now this import alert.
Halol plant contributed about 3% of company’s onsolidated revenue in FY22.
Focus will be on its Mohali plant, which also received" official action indicated" in Nov’22.