Ranbaxy scrip plummets 17 percent as investors panicFebruary 26th, 2009 - 4:15 pm ICT by IANS
Mumbai, Feb 26 (IANS) Ranbaxy Laboratories’ stock fell a drastic 17 percent Thursday as investors panicked after the US Food and Drug Administration (FDA) halted review of drug applications from the Indian drug major, alleging falsification of data and test results.
The Ranbaxy scrip, which ended Wednesday’s trade on the Bombay Stock Exchange (BSE) at Rs.207.25, was trading at Rs.173.30, down 16.38 percent, around 1 p.m. Thursday.
Announcing the action, the FDA said Wednesday that it was continuing to investigate the matter to ensure safety and efficacy of marketed drugs associated with Ranbaxy’s Paonta Sahib site in Himachal Pradesh.
Over 4.2 million shares changed hands as investors got jittery over the action and the drug company’s image took a beating.
Last September, the FDA had issued two warning letters and instituted an import alert barring the entry of all finished drug products and active pharmaceutical ingredients from Ranbaxy’s Dewas (Madhya Pradesh), Batamandi (Himachal Pradesh) and Paonta Sahib facilities due to violations of current US Good Manufacturing Practices requirements.
That action barred the commercial importation of 30 different generic drugs into the US and remains in effect.
In a press statement, Ranbaxy Laboratories said it will analyse the letter from the FDA informing it about action against the Paonta Sahib facility, placing it under a policy entitled Application Integrity Policy (AIP), and “respond appropriately in a timely manner”.
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- Daiichi, Ranbaxy to cooperate with US drug regulator as Indian firm faces charge (Lead) - Feb 26, 2009
- US FDA accuses Ranbaxy of falsifying drug data - Feb 26, 2009
- Ranbaxy settles issue with US health regulator - Dec 21, 2011
- US drug officials raid Sun Pharma's facilities - Jun 26, 2009
- US drug regulator says Ranbaxy forged data, test results - Feb 26, 2009
- Vardhman to set up another facility in Himachal - Nov 02, 2010
- Ranbaxy shares dip as US blocks import of its 30 drugs (Lead) - Sep 17, 2008
- Heavy rains predicted in Himachal - Jul 08, 2012
- Three murders trigger protests in Himachal - Mar 24, 2011
- Ranbaxy gets USFDAs permission to manufacture cardiovascular drugs - Mar 09, 2009
- USFDA bans import of Ranbaxy drugs - Sep 17, 2008
- 24 people hit by food poisoning in Himachal - Apr 06, 2011
- Ranbaxy approved to make first generic version of Lipitor - Dec 01, 2011
- Eight washed away in Himachal - Jul 07, 2012