Ranbaxy shares recover on value buying after steep falls

Reuters Posted online: Tuesday, Jan 28, 2014 at 0000 hrs
Shares in India's Ranbaxy Laboratories Ltd gain as much as 3.3 percent, after falling 26 percent over Friday and Monday following a ban by U.S. drug regulator on more of its products.

"Valuation wise, the stock looks good at these levels. It has fallen a lot and I don't think it will fall beyond 300 rupees," said Suresh Parmar, head, institutional equities at KJMC Capital Markets.

At 0504 GMT, shares in Ranbaxy were up 2.41 percent at 316.60 rupees, outperforming the broader NSE Nifty, which was up 0.24 percent.