Investors are witnessing mixed movements in the pharma stocks in Monday’s trading session. Some stocks in pharma sector are rallying upwards while some are moving downwards in the morning hours on Monday.
Sun Pharma is the stock in talks since it is the top loser in the Nifty50 index and also of the bunch of pharma stocks whereas Dr Reddy’s Laboratories is the top gainer in the pharma stocks.
Dr Reddy’s has recently informed that the US FDA has completed the audit of its API Srikakulam Plant with no observations.
As per the market experts, pharma stocks are much dependent on the pharma regulator, US FDA’s inspection reports. According to media reports, US FDA has issued nearly 11 observations as part of audit to Sun Pharma’s one of the biggest Dadra unit.
The Sun Pharma stock’s volume traded stands at 5,15,045 shares in the morning hours on Monday while traded value stands at Rs 34.78 cr. The stock is trading lower by 2.3% at Rs 676 per share. The stock’s open interest witnessed the addition of 0.8%. There is slightly short built up position seen in the Sun Pharma stock. Sun Pharma’s futures contract of April series is trading lower by 2.5% at 677.25 as of 0937 hours on Monday.