INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Sun Pharmaceutical witnessed a sudden spike after media reported that the USFDA has reclassified its Halol unit as "No
The scrip rallied over 2 per cent to Rs 616.65 in early trade
USFDA no action initiated status means clearance for the unit
The scrip was trading 2.14 per cent higher at Rs 611.65 at around 10 am (IST), while the BSE Sensex was down 0.44 per cent at
35,012.
Earlier during the week, a PTI report said that Sun Pharma expects its India business to stabilise in the current fiscal leading to
Annual Report for 2017-18, Sun Pharma Managing Director Dilip Shanghvi however said the government's enforced price cuts and policy
changes are potential risk factors for the business.
"We expect normalisation of the India business in 2018-19 post the disruption in
2017-18 due to GST implementation
Favourable demographics will ensure reasonable volume growth in India," Shanghvi said.
The company's India business revenues stood at Rs
8,029 crore in 2017-18, a growth of 4 per cent over 2016-17
