For Quick Alerts
For Daily Alerts

Ranbaxy shares slide 23% as FDA issues import alert


Ranbaxy shares slide 23% as FDA issues import alert
Shares in Ranbaxy fell as much 23% in early trade as the Food and Drug Administration in the US issued an import alert for the company's facilities in Mohali.

The stock was last trading at Rs 348, down Rs 104 over its previous closing. On Monday brokerage HSBC in a research note downgraded the stock to underweight.


Ranbaxy is one of the top pharma companies in India, but has been having problems in the last few quarters on the financial front and also otherwise.

Earlier this year, according to an Economic Times report, Ranbaxy in the largest drug safety settlement case of a generic drugmaker in the US, the company agreed to pay $500-million penalty to the US government to settle a criminal and civil lawsuit which leveled charges of falsifying data from its drug facilities and shoddy manufacturing practices against it.

Read more about: ranbaxy fda
Story first published: Monday, September 16, 2013, 10:15 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X