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Sun Pharma, Ranbaxy Surge Over 5pc

Sun Pharmaceutical Industries stock gained more than 6 per cent on Friday, heading towards its biggest single-day gain since April 9.

Credit Suisse says Sun has received a Form 483 from the US Food and Drug Administration (FDA) on a Gujarat facility. FDA’s Form 483 is a letter that notifies company of objectionable conditions.

Credit Suisse said the Form 483 given to Sun contained “no data integrity issues”. It also said chances of an import alert were “low”.

Ranbaxy Laboratories, which is in the process of being acquired by Sun Pharma, was also up 5.5 per cent.

Sun said on September 12 the FDA inspected its plant, but expected “no material impact”.

A Sun spokesman did not immediately respond to request for comment.

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