Ranbaxy falls another 7 per cent; drops 26 per cent in 2-days

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Ranbaxy falls another 7 per cent; drops 26 per cent in 2-days
Shares in pharma major Ranbaxy continued to drop for a second day in a row with the stock falling as much as 7 per cent today, taking losses in 2-trading sessions to as much as 26 per cent.

The shares were last trading at Rs 315 on the National Stock Exchange (NSE).

Last week, The US FDA prohibited the company from manufacturing and distributing Active Pharmaceutical Ingredients from its facility in Toansa for FDA related drug products.

The Toansa facility is now subject to certain terms of a consent decree of permanent injunction entered against Ranbaxy in January 2012.

The decree contains, among other things, provisions to ensure compliance with current good manufacturing practice (CGMP) requirements at Ranbaxy facilities in Paonta Sahib and Dewas, India, as well as provisions to address data integrity issues at those facilities. In September 2013, the FDA added Ranbaxy's Mohali facility to the CGMP provisions of the decree.

"We are taking swift action to prevent substandard quality products from reaching U.S. consumers," said Carol Bennett, acting director of the Office of Compliance in the FDA's Center for Drug Evaluation and Research. "The FDA is committed to ensuring that the drugs American consumers receive - no matter where they are produced - meet quality standards and are safe and effective."

GoodReturns.in

Story first published: Monday, January 27, 2014, 10:41 [IST]
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