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Sun Pharma gets VAI at Halol facility from USFDA; stock surges 8%

Sun Pharma racked up its biggest rally in four months, soari..

Sun Pharma racked up its biggest rally in four months, soaring over 8 per cent, after the US Food and Drug Administration (USFDA) updated the status of the companys Halol facility to VAI.

VAI stands for Voluntary Action Indicated, which means that though objectionable conditions were found at the plant, the issues do not justify further regulatory action and any corrective action is left to the FDA to take voluntarily.

The pharma majors Halol facility holds the key to its US formulation business.

The scrip was trading 8.20 per cent up at Rs 528.55 at around 2.30 pm. The BSE Sensex was down 75 points, or 0.21 per cent, at 35,387.

The USFDA had made three observations in February after inspecting the factory in Gujarat for failing to meet good manufacturing practice (GMP) standards.

With the rally, the stock moved above its 50-, 100- and 200-DMAs.

Original Article


ET Markets


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