Sun Pharma shares gain 4% after USFDA clears drug major; market cap rises by Rs 2,384 cr

New Delhi: Shares of Sun Pharmaceutical Industries on Wednesday gained nearly 4 percent after the company received establishment inspection report (EIR) from the US health regulator for its Halol facility in Gujarat. The stock went up by 3.74 percent to Rs 560.75 on BSE. [caption id="attachment_4189289" align="alignleft" width="380"]

Representational image. GettyImages.[/caption]On NSE, shares of the company rose by 3.79 percent to Rs 560.95. Led by the rally in the stock, the company's market valuation climbed Rs 2,384.55 crore to Rs 1,31,911.60 crore during the morning trade. The company has received EIR from the United States Food and Drug Administration (USFDA) for the inspection conducted at the Halol facility during the period 12-23 February, 2018, Sun Pharma said in a filing to BSE on Tuesday. "The agency concluded that the inspection is now closed and the issues contained in the warning letter issued in December 2015 have been addressed," it added. Commenting on the development, Sun Pharma MD Dilip Shanghvi said, "This is an important development for Sun Pharma. We remain committed to following the highest levels of quality and 24x7 cGMP compliance at all our manufacturing facilities globally."