Ranbaxy shares reverse slide; register gains

Feb 25 2014, 22:40 IST
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Shares of Ranbaxy Laboratories closed higher at Rs 367.05 after being battered during. Reuters Shares of Ranbaxy Laboratories closed higher at Rs 367.05 after being battered during. Reuters
SummaryShares of Ranbaxy Laboratories closed higher at Rs 367.05 after being battered during...

Shares of Ranbaxy Laboratories closed higher at Rs 367.05 after being battered during the day in the wake of company suspending shipments of all pharmaceutical ingredients from its Tonsa and Dewas plants.

The scrip touched an intra-day low of Rs 354.85 after opening at Rs 364. However, making a smart comeback, shares of the company reached an intra-day high of Rs 373.40.

It gained one per cent to end the day at Rs 367.05 on the BSE.

On the NSE also, the scrip closed nearly one per cent higher at Rs 367.35 after touching an intra-day low of Rs 354.10.

Shares of the company had also reached an intra-day high of Rs 373.85 after opening at Rs 362.

In the morning, Ranbaxy announced its voluntary decision to suspend shipments of all pharmaceutical ingredients from its Tonsa and Dewas plants.

"This voluntary decision was taken as a precautionary measure and out of abundant caution to better allow the company to assess and review the processes and controls. The company will resume shipments after reassuring them about the processes and controls at these facilities," it said in a filing.

Domestic brokerage firm Angel Broking said that since the company has voluntarily withdrawn its production, "we believe that the company would have made alternative arrangements for the production of the withdrawn APIs (Active Pharmaceutical Ingredients)".

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