Markets

Sun Pharma slips 6% after opening 2% up

NEW DELHI: Shares of Sun Pharma climbed 2 per cent in the opening session on Tuesday after the drug major said it has entered into settlements with certain plaintiffs in the US.

However, shares of the company cooled off as trade progressed and traded 0.38 per cent up at Rs 512.60 around 9:45 am on BSE.

The company said on Monday that it has along with its subsidiary entered into settlements with certain plaintiffs in the Modafinil antitrust litigation pending in the US District Court for the Eastern District of Pennsylvania.

In a regulatory filing, Sun Pharma said "the settlements extend to all claims brought by the Direct Purchaser Plaintiffs".

Besides, the company has acquired Japanese drug maker Pola Pharma Inc. to strengthen its global presence in dermatology.

Meanwhile, equity benchmarks were lacklustre in the wake of cautious Asian cues after US President Donal Trump said China's request to hold tariffs from being implemented was unlikely to be accepted.

Original Article