Ranbaxy shares tank nearly 14% as US-based facility comes under scanner

Sep 20 2013, 12:00 IST
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The USFDA had issued an import alert for drugs manufactured at Ranbaxy Lab plant in Mohali, Punjab. The USFDA had issued an import alert for drugs manufactured at Ranbaxy Lab plant in Mohali, Punjab.
SummaryThe stock had plunged over 30% on Monday after USFDA issued an import alert for Ranbaxy's Mohali plant.

Shares of Ranbaxy Laboratories Ltd on Friday plunged nearly 14 per cent amid media reports that US-based Ohm Laboratories, the company's facility in America, is under the surveillance of the US Food and Drug Administration (FDA).

Following the buzz, shares of the drug firm tanked 13.83 per cent to Rs 302 on the BSE.

At the NSE, the stock plummeted by 13.83 per cent to Rs 302.

The stock later pared some of the losses and was trading at Rs 335.95, down 4.15 per cent from its previous close on the BSE in late morning trade.

The stock had plunged over 30 per cent on Monday after the USFDA had issued an import alert for drugs manufactured at its plant in Mohali, Punjab.

Suspected hair in tablet cited in Ranbaxy import alert by FDA: report

Meanwhile, the company's US-based subsidiary Ranbaxy Laboratories Inc (RLI) has received a Paragraph IV certification notice of filing from Watson Laboratories Inc of an Abbreviated New Drug Application (ANDA) to the US Food and Drug Administration for a generic version of Absorica, a product that is licensed from Cipher Pharmaceuticals Inc of Mississauga, Ontario.

"RLI shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act," the company said in a filing to stock exchanges today.

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