Shares of Sun Pharmaceuticals drop more than 3% on Class II recall

Shares of Sun Pharmaceutical Industries fell as much as 3.12% on the BSE to close at a one-month low at Rs 596 on Monday after the US FDA said the company is recalling the generic version of an anti-diabetes medicine.

The Mumbai-based company’s US subsidiary Caraco Pharmaceutical Laboratories will recall 2,528 bottles of generic Glumetza or metformin HCI ER.

The regulator said the recall was initiated because of presence of ‘foreign tablets’ following a customer complaint of some tablets of the epilepsy drug gabapentin found in a bottle of metformin.

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The record was initiated on January 28 and was classified as a Class II recall by the US FDA — a temporary adverse health issue which is not life threatening in nature.

Earlier in the day, shares of Ranbaxy Laboratories fell as much as 3.8% on Monday on the news that the drugmaker recalled 64,626 bottles of atorvastatin calcium from the US market. Incidentally, this was also a Class II recall.