Ranbaxy sues US FDA; Stock Slips

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Ranbaxy sues US FDA; Stock Slips
Ranbaxy has filed a complaint against the U.S. FDA in federal court and has also asked the Court for a temporary restraining order to prevent any further action by FDA until Ranbaxy's case is decided, the company said in the press release.

Shares of the company were seen trading lower by 4% at Rs 603 on BSE at 3.00 pm IST. Stock touched an intra-day low of Rs 596.

Earlier this month, the company had received communication from the US FDA wherein FDA has determined that Ranbaxy's ANDAs of concern did not have any data integrity issues. Ranbaxy was disappointed with this and was actively evaluating all available options to preserve its rights.

Also, Ranbaxy will be moved out of NSE's CNX Nifty Junior index. The changes are due to merger with Sun Pharmaceuticals Industries Ltd.


Read more about: ranbaxy, fda
Story first published: Wednesday, November 19, 2014, 15:17 [IST]
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