Sun Pharma Share Price Hits 52 Week Low

Sun Pharma Share Price hits 52 week low
After a long wait, the US FDA

has finally commenced its
scheduled inspection of the
Companys
Mohali
manufacturing
site
of
Ranbaxy, a company acquired
two years ago by Sun
Pharmaceutical as part of a
US$ 4 billion deal with
Japanese drug maker Daiichi
Sankyo. Sources stated that the Mohali site inspection started on Monday and
may continue for a week.
Sun Pharma declined to comment on the issue.
On the back of this news, Sun Pharma share price dropped as much as 4 per
cent to make a new 52 week low of Rs 571.90.
US FDA, the US drug regulator had imposed an import alert on the facility
following all the issues related to manufacturing violations. Mohali is one of
the four sites of Ranbaxy that faced punitive action from the regulatory body.
Ranbaxy pleaded guilty and was fined US$ 500 million for a settlement in the
year 2013. Across the sites, the regulatory body had detected breaches in
product filings from the as data manipulation and a number of violation of
standard manufacturing practices.
In a series of investigations that started in the year 2008, Ranbaxy's four sites
at Paonta Sahib, Dewas, Toansa as well as Mohali were banned from the US
market. However a few countries had cleared the manufacturing units.
Mohali was the most modern facility of Ranbaxy and had also shipped heart
drug atorvastatin, the pharma's most prized opportunity in the US generics
market. In the year 2013 the site was banned by the US FDA. This site is seen
to be best placed to clear the FDA inspections as the lapses were relatively
minor said an industry source.
According to the source it may be too early to reach a conclusion as the
inspection is likely to be very granular and may comb through every record
minutely. A few months ago, external quality control consultants had certified
the Mohali site to be fit to undergo the US FDA inspections, according to
sources. Industry sources also said that the Pharma majors Halol site may
also be inspected in a short time but this could not be confirmed.
Sun Pharma share price is currently trading at Rs 618.95, down by 2.59 per
cent. A total of 32,25,316 shares of the company have been traded on the
counter of NSE aggregating to a total amount of Rs 19,526.06 lacs. Get the
most important support and resistance levels of the share price at Sun Pharma
share price forecast.
Disclaimer
The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the
research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making investment
decision.
Dynamic Equities Pvt. Ltd - SEBI Investment Advisory Reg. No.: INA300002022
Disclosure
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declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are
registered. SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise
letters or levied minor penalty on for certain operational deviations.
Answers to the Best of our knowledge and belief of Dynamic/ its Associates/ Research Analyst: DYNAMIC/its Associates/ Research
Analyst/ his Relative:
Do not have any financial interest / any actual/beneficial ownership in the subject company.
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from the subject company, nor engaged in market making activity for the subject company
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Article Written by
Nabarupa Kanjilal

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After a long wait, the US FDA

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