Sun Pharma shares slip 2% after USFDA issues warning letter for Halol facility

Shares of Sun Pharma fell 2 per cent today after the firm said its Halol, Gujarat facility has received warning letter from the USFDA regarding the inspection conducted from April 26, 2022 to May 9, 2022. Sun Pharma stock slipped 1.95 per cent to Rs 973.80 against the previous close of Rs 993.25 on BSE. The share has been falling for the last two days.

Shares of Sun Pharma are trading higher than the 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages. Sun Pharma stock has gained 27 per cent in a year and risen 15.55 percent in 2022. 

A total of 3,765 shares of the firm changed hands amounting to a turnover of Rs 36.92 lakh on BSE. The market cap of the firm fell to Rs 2.35 lakh crore.  

The warning letter summarizes violations with respect to current good manufacturing practice (cGMP) regulations. USFDA shall make public the contents of the warning letter in due course, said the pharma company.

Earlier on December 8, US Food and Drug Administration (FDA) had listed the drugmaker's facility in Halol under an import alert.

The import alert means all future shipments of products made at Halol can be refused admission to the US market until the facility becomes compliant with the FDA's Current Good Manufacturing Practice standards, the company said in a stock exchange filing.