Sun Pharma slips 4% on USFDA observations

NEW DELHI: Shares of Sun Pharmaceutical Industries weakened over 4 per cent on Friday after a media report stated that the USFDA issued six observations to the company’s Halol plant for inspection in August.

The scrip was 4.05 per cent down at Rs 649.25 at around 9.37 am. The BSE Sensex slipped 0.33 per cent to 38,116 at around the same time.

Sun Pharmaceutical Industries has reported a consolidated net profit of Rs 982.51 crore for the June quarter. It had run up a net loss of Rs 424.92 crore in the year-ago quarter on account of an exceptional item.

Net profit for the same quarter last year was adversely impacted by settlement with certain plaintiffs related to the Modafinil anti-trust litigation in the US, with the settlement amounting to Rs 951 crore.

Total revenue from operations stood at Rs 7,224.17 crore for the said quarter against Rs 6,208.79 crore in the same period a year ago.