Shares of Sun Pharmaceutical Industries fell 3.5% intraday to Rs 981.50 on the BSE on Thursday after the company said USFDA had placed its manufacturing plant in Halol on import alert.

Sun Pharma said in a bourse filing that it had received a letter from the USFDA stating that the facility had been placed on the Import Alert List. USFDA inspected the company’s Halol (Gujarat) facility from April 26 to May 9, 2022.

The import alert means, among other things, that all future products produced at the facility will be denied entry to the US market until the facility meets current Good Manufacturing Practice (cGMP) standards. In some cases, USFDA has excluded 14 products from the import alert, the company said.

For the year ended March 31, 2022, products supplied by the Halol plant to the US market accounted for approximately 3% of the company’s consolidated revenue, including the 14 excluded products mentioned above.

Sun Pharma further stated that the company would continue to cooperate with the USFDA and will take all necessary steps to resolve these issues and ensure that the regulator is fully satisfied with the company’s remedial actions.

The company said it remains committed to adhering to cGMP standards and providing high-quality products to its global customers and patients.

Shares of Sun Pharma were down 2.6% at Rs 991.20 at 10:41 am, while the S&P BSE Sensex rose 0.11%. Average over-the-counter volume more than doubled, with 3.4 million shares changing hands on the NSE and BSE.