BackSun Pharma falls as much as 4.1% after Taro recalls blood clot drug
Taro recalled a blood clot drug from the market after USFDA found the product did not meet its quality norms
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Mumbai: Shares of Sun Pharmaceutical Industries Ltd fell for the second consecutive day after reports that its US arm Taro Pharmaceutical Industries Ltd had recalled a leading blood clot drug from the market after the US Food and Drug Association (FDA) found that the product did not meet its quality norms.
Shares of Sun Pharmaceutical Industries fell as much as 4.1% to touch an intra-day low of ₹ 789 apiece on BSE. The scrip recovered marginally to close 2.05% lower at ₹ 805.90. The BSE Sensex added 0.24% to 27,061.04 points.
On Thursday, Sun Pharmaceutical shares fell as much as 6% after a Business Standard report said that its manufacturing facility in Gujarat was undergoing a surprise inspection by the US FDA. The move may have been triggered by recent recalls from the plant, the report said.
In July this year, Sun Pharma had recalled 40,000 bottles of Venlafaxine Hydrochloride extended-release tablets, Gemcitabine and Metformin from the US market. This was followed by the recall of 400,000 units of its antibacterial drug Cephalexin for not following good manufacturing practices.
Earlier in May, Sun Pharmaceutical’s manufacturing facility in Karkhadi, Gujarat, had received a warning letter from the US FDA after investigators identified violations of current good manufacturing practices and regulations for finished pharmaceuticals.
Separately, on 11 September, Sun Pharma said that it will seek shareholders’ approval to raise up to ₹ 12,000 crore through equity and debt sales. The company will use this money to expand its presence globally and to grow organically and inorganically, it said. The company will hold its annual general meeting on 27 September.
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