Top Nifty50, Nifty Pharma Loser: Mega-Cap Giant Slides Over 4%, Here’s Why

  • Stock Market News
Top Nifty50, Nifty Pharma Loser: Mega-Cap Giant Slides Over 4%, Here’s Why
Credit: © Reuters.

By Malvika Gurung -- The domestic market witnessed a lacklustre session on Thursday, with the equity benchmark indices Nifty50 and Sensex trading 0.19% higher, each.

On the Nifty50 index, 24 stocks were trading in the red, led by the pharmaceutical behemoth Sun Pharmaceutical Industries (NS: SUN ), which tanked over 4% to Rs 976.65 apiece so far in the session.

Under the Nifty umbrella, sectoral indices traded mixed, dampened by Nifty Pharma which tumbled 1.2%. The worst-performing stock on the sectoral index was Sun Pharmaceutical, pulling down the vigour, followed by Lupin (NS: LUPN ) and Divi's Laboratories (NS: DIVI ), tanking up to 2%.

Shares of the mega-cap pharma giant Sun Pharma slid after its facility in Halol, Gujarat got listed under the ‘Import Alert’ by the US health regulator, USFDA.

In a filing to the bourses on Dec 8, 2022, Sun Pharma informed that US FDA has pinned 14 products from the Halol facility under the Import Alert, which means no future shipments manufactured from the said facility will be allowed admission to the US market until the company complies with the health regulator’s Current Good Manufacturing Practice (cGMP) standards.

The Halol unit’s supply to the US market accounted for almost 3% of its total revenues in FY22, including the 14 excluded products mentioned above, stated the pharma major.

Read Also: Sun Pharma Shares Tank As US FDA Lists Gujarat Plant Under ‘Import Alert’

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