Ranbaxy upbeat as US DOJ pulls out motion

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Ranbaxy Laboratories Ltd can breathe a sigh of relief. And the first sign of it was reflected in its share price, which soared 9% to close at Rs 279 on BSE on news that the US department of justice (DoJ) has withdrawn motion against the company.

Reacting to the development, Ranbaxy said that DoJ has been provided with a comprehensive set of audit documents, which will help resolve the questions raised by the US government about the company's business practices and standards.

"Ranbaxy Laboratories remains confident that its pharmaceutical products are safe and effective and remains committed to cooperatively working with all regulatory and legislative authorities," Ranbaxy said.

Earlier in July, the US DoJ had moved the district court seeking to access data and documents claiming that Ranbaxy and its legal consultancy firm Parexel were not disclosing them and accused the company of submitting false and fabricated information to the USFDA.

The District Court of Maryland at present seems to be satisfied with the explanations and descriptions given by Ranbaxy on the two issues of Devas and Paonta Sahib. It seems that the US DoJ has taken cognisance of the whole issue and seems to be fairly convinced by the clarification that has been put forward by the company’s management.