Ranbaxy shares fall after FDA bans products

Written by Reuters | Mumbai | Updated: Jan 25 2014, 02:50am hrs
Shares in Ranbaxy Laboratories Ltd, majority owned by Japan's Daiichi Sankyo Co Ltd, slumped around 16 percent in early trade after the US Food and Drug Administration (US FDA) banned more products from the Indian drugmaker.

The FDA said Ranbaxy is prohibited from making and distributing pharmaceutical ingredients from its facility in Toansa, India, "to prevent substandard quality products from reaching U.S. consumers."