Ranbaxy drops 6 per cent as messy affairs continue

Updated: Thursday, May 23, 2013, 10:24 [IST]

Shares in Ranbaxy plunged 6 per cent in trade today, on reports that Japan's Daiichi Sankyo would seek legal remedies to sue ex-Ranbaxy promoters. Also read Ranbaxy lands into fresh trouble

Shares in the company were last trading at Rs 404, down 6 per cent over Thursday's close. It may be recalled that Ranbaxy promoters had sold their stake to the Daiichi Group a few years ago.

On May 13, Ranbaxy pleaded guilty to criminal charges of manufacturing and distributing certain adulterated drugs manufactured at its two Indian facilities of Paonta Sahib and Dewas, while agreeing to a USD 500-millon settlement.

According to news reports Daiichi says the ex promoters had misrepresented critical info about US Department of Justice (DoJ) and Food & Drug Administration (FDA) probes.

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