Sun Pharma shares fall over 7% intraday on USFDA warning

Shares of Sun Pharmaceutical Industries declined as much as 7.4% to the day's low of Rs 732 on BSE after the company announced last week that it had received a warning letter from the US Food and Drug Administration (USFDA) over violation of manufacturing norms at its facility at Halol in Gujarat.

However, at 1225 hours, Sun Pharma's share price recovered slightly from the day's low, but was still trading nearly 6% down. Sun Pharma's shares were at Rs 745.95, down Rs 44.50 or 5.63%.

The warning letter follows inspection of the facility in September 2014 by the  USFDA inspectors.

ALSO READ: USFDA issues warning to Sun Pharma over violation of manufacturing norms at Halol facility

Post the September 2014 inspection, the USFDA has withheld future product approvals from the Halol facility. This situation may continue until all issues are resolved. Sun Pharma expects to request a re-inspection by the USFDA upon completion of its remediation commitments," the company said in a statement to the BSE on Saturday. 

The firm and the Halol facility will continue to supply important drug products to meet its obligations towards the customers and the patients who use its drugs in the US and around the world, it added.

"Sun Pharma will respond to this Warning Letter with a detailed plan within the stipulated timeframe," the company said.