SPARC stock tumbles 6% on spasticity study results

Shares of Sun Pharma Advanced Research Company ( SPARC) today slumped nearly 6 per cent after the company said its pivotal studies on treatment of spasticity in patients with multiple sclerosis did not meet the desired outcome.

The stock dropped 5.82 per cent to end the session at Rs 336.70 on the BSE.

Baclofen GRS is a novel, once-a-day formulation developed by the company's proprietary gastroretentive system (GRS) technology, SPARC said in a filing to the BSE.

SPARC CEO Anil Raghavan had said: "We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps."