Shares of Ranbaxy Laboratories on Friday slumped as much
as 20 per cent in the morning trade after the USFDA prohibited the
company from producing and distributing drugs for the American market
from its Toansa plant in Punjab.
After a weak opening, shares of the drug firm further tumbled 19.69 per cent to Rs 335 on the BSE.
On the NSE, the stock dived 19.75 per cent to Rs 335. The company’s market value tanked by Rs 3,156 crore to Rs 14,520 crore.
“With
this import alert, the operations of the company in US business which
contributes 40 per cent could come under impact, unless it can
compensate for the same at the earliest and mange a smooth supply of key
raw material,” said Sarabjit Kour Nangra, VP-Research, Pharma, Angel
Broking.
Meanwhile a statement from Ranbaxy said,
“Subsequent to the Form 483 issued in early January 2014, Ranbaxy
voluntarily and proactively suspended shipments of API from this
facility to the US market when it received the inspection findings.”
The
company is disappointed with the recent US Food and Drug Administration
(USFDA) action and would like to apologise to all its stakeholders for
the inconvenience caused by the suspension of shipment, the
statement.said. Read more..
Source: Hindi News
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