The largest drugmaker in the country closed as the highest gainer at Rs 528.25 (+8.08 percent) on the National Stock Exchange (NSE) and at Rs 528.20 (+8.13 percent) on Bombay Stock Exchange (BSE) on Friday.
Shares of Sun Pharmaceuticals Industries Ltd rose as much as 9.2 percent during the day, the most in 3 years (since April 2015), to Rs 533.65 after news reports of the US regulator FDA (Food and Drug Authority) giving the company's Halol plant in Gujarat a VAI (Voluntary Action Indicated) status came out. The FDA had completed its inspection on February 23.
Sun Pharma was on the top among gainers in Indian stock market on Friday.
VAI means that objectionable conditions were found at the plant, but the agency is not take or recommend any future regulatory action and any corrective action is on the investigator to take voluntarily.
The company's Halol plant contributes towards 11 percent of its US sales and 4 percent of total sales. With hopes that it could receive USFDA approval, shares of Sun Pharma were traded in heavy volumes during the day. The company gets almost half of its revenue from US market.