Sun Pharma’s Halol plant received a VAI status from US drug regulator this news have started showing a positive impact on the stock market performance of company’s shares. Sun Pharma’s stocks continued its gains from Friday, rising over a percent on Monday morning. The status implies that the plant may not go a re-inspection by the regulator ahead.
The stock has touched an intraday high of Rs 536.00 and an intraday low of Rs 527.70.
The company has received a voluntary action initiated (VAI) status for its Halol plant from US FDA.
For the uninitiated, VAI status would imply that there would be no re-inspection required at its Halol unit.
The US Food and Drug Administration (FDA) had issued three observations to the unit in February.
The drug major had last month posted around 7 percent increase in consolidated net profit at Rs 1,308.96 crore for the quarter ending March on the back of revenue growth in India and emerging markets even as the US sales took a hit.
