Sun Pharma crashes on Caraco ruling
Sun Pharma recovered partially from the day’s low of Rs 1,070, and finally ended 12% lower at Rs 1,140. The counter registered heavy volumes of around 580,400 shares, which is around 30-times higher than its two-week daily average volume of around 19,230 shares on the BSE.
Sun Pharma crashed in opening trades following news of US FDA seizing all drugs by subsidiary Caraco.
Sun Pharma opened with a loss of 7.6% at Rs 1,199. It nosedived over 17% to touch the day’s low of Rs 1,070.
The stock has recovered partially and is now trading 12% lower at Rs 1,144. The counter has witnessed 21-fold increase in trading volumes at 403,752 shares from its two-week daily traded average of 19,233 shares on the BSE.
US Food and Drug Administration has seized all drugs made by Caraco on charges of repeated violations of manufacturing standards and plans to stop it from distributing drugs until they follow requirements. Sun Pharma has a majority stake in Caraco.
source: Business-Standard
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