For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Ranbaxy stock down again on US FDA worries

|

Ranbaxy stock down again on US FDA worries
After slumping more than 5 per cent on Monday the stock of Ranbaxy was down once again in trade today, after investors worried over US FDA warnings for one of its plants.
 

The stock was trading lower by 1.57 per cent on the National Stock Exchange.

"On Saturday, January 11, 2014, Ranbaxy received the Form 483 with certain observations, as a result of the recent US FDA inspection at its API plant at Toansa, Punjab. The company is assessing the observations, and will respond in accordance with the agency's procedure to resolve the concerns at the earliest," Ranbaxy said in a clarification to stock exchanges.

The Toansa plant in Punjab is crucial for Ranbaxy as it supplies 70-75 per cent of the pharmaceutical ingredients required by Ranbaxy. The stock fell over 9 per cent on Monday on the Bombay Stock Exchange to close at its lowest level in nearly a month.

With inputs from Dion Global Solutions Ltd

Story first published: Tuesday, January 14, 2014, 9:49 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more