Sun Pharma shares slip after product recall

Shares of Sun Pharmaceutical Industries slipped on Monday after the pharma company on Friday announced that its US-based subsidiary is recalling two lots of diabetes drug Riomet due to microbial contamination.

The scrip ended the day 0.31 per cent down at Rs 550.25 on BSE. Shares of the company opened at Rs 545.05 and touched a high and low of Rs 558.45 and Rs 538.30, respectively.

Sun Pharmaceutical Industries Inc (SPII), a wholly owned subsidiary of the company, is voluntarily recalling two lots of Riomet (Metformin Hydrochloride Oral Solution), to the retail level, the Mumbai-based drug major said in a statement.

The product is manufactured for SPII by a contract manufacturer, it added.

The Riomet has been found to be contaminated. The contamination was discovered during sample preparation for the Antimicrobial Preservative Effectiveness Testing (AMPET) being performed as part of the 12 month stability study interval.

Riomet is indicated to treat type 2 diabetes mellitus in adult and children age 10 and above.

On the BSE, 4.64 lakh shares were traded on the counter so far as against the average daily volumes of 4.64 lakh shares in the past two weeks.