Sun Pharma gains 2% on receiving USFDA report for Dadra facility

NEW DELHI: Shares of Sun Pharma advanced over 2 per cent on Thursday after it received (EIR) from the US health regulator for its Dadra facility.

Following the development, the stock advanced 2.59 per cent to close at Rs 539.40 on BSE. It opened at Rs 544.20 and touched an intraday high and low of Rs 548 and Rs 532.40 respectively.

USFDA had issued the pharma major Form 483 observation letter for its Dadra facility which is issued when investigators observe any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts.

In a filing to BSE, the company said, "We have received a communication from the US FDA releasing a copy of the EIR in respect of the inspection based upon our responses to Form 483."

Promoters held 54.38 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, the company reported total revenue at 1,802.52 crore and net loss stood at 1,290.99 crore.

The scrip touched its fresh 52-week high of Rs 759 on October 19, 2016 and its 52-week low of Rs 433.15 on August 14, 2017.