Pursuits
Billionaire Shanghvi's Sun Pharma Tumbles After U.S. FDA Warning
- FDA withholds future approvals for products from Halol
- Sun to seek FDA re-inspection after remediation measures
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Shares of Sun Pharmaceutical Industries Ltd. dropped the most in six weeks after receiving a warning letter from the U.S. Food and Drug Administration following an inspection at one of its facilities.
Sun’s shares slid 4.6 percent to 754.20 rupees in Mumbai, the biggest loss since Nov. 9. HSBC Holdings Plc cut the stock’s rating to hold from buy, while Morgan Stanley reduced it to equal-weight from overweight.