Sun Pharma Shares Plunge 3% as US FDA Flags Baska Facility with 'Official Action Indicated' Tag

• Sun Pharma shares dropped 3% to Rs 1,738 on December 18, hitting a one-month low, after its Baska facility received a US FDA 'official action indicated' (OAI) tag.
• The OAI classification, following a September inspection, suggests regulatory actions are recommended and may delay approval of new product applications from the facility.
• Global brokerage Citi highlighted that the Baska facility is crucial for Sun Pharma's injectable generic filings in the US, and new product approvals could face substantial delays.
• Sun Pharma stated it continues to manufacture and supply approved products from Baska and is committed to achieving full compliance.
• Citi also warned of a potential negative impact on Sun Pharma's FY27 US generic sales and EPS estimates due to this development.

Why It Matters: US FDA's 'official action indicated' tag on Sun Pharma's Baska facility sparks 3% share drop, raising concerns over future approvals.