Stocks of Sun Pharma Advanced Research Company surged 15 per cent on Monday after the company received approval from the US health regulator for a New Drug Application (NDA).
Defying a weak broader market trend, the stock ended the day with a sharp gain of 15.07 per cent at Rs 544.90 on the BSE. During the day, it climbed 19.31 per cent to Rs 565 -- its 52-week high.
At the NSE, it soared 14.63 per cent to end the day at Rs 542.35. Led by the sharp rally in the stock, the company's market value rose by Rs 1,684.87 crore (Rs 16.84 billion) to Rs 12,893.87 crore (Rs 128.93 billion).
On the volume front, 25.01 lakh shares of the company changed hands at the BSE and over 87 lakh shares were traded at the NSE during the day.
The stock had on Thursday gained 10 per cent. "The US Food and Drug Administration (FDA) has approved New Drug Application (NDA) for Elepsia XRTM (Levetiracetam extended-release tablets 1,000 mg and 1,500 mg)," Sun Pharma Advanced Research Company (SPARC) had said in a statement on Wednesday.
Elepsia XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients of 12 years of age and older with epilepsy, it had said.
Meanwhile, in the broader market the BSE benchmark Sensex ended at 28,844.78, down 604.17 points.
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