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Ranbaxy Falls Over 30 Per Cent After FDA Import Alert

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Shares in Ranbaxy Laboratories dropped more than 30 per cent, after the US Food and Drug Administration issued an import alert against company's Mohali plant.

The FDA issued the alert on Friday, as per FDA's website. A spokesman for Ranbaxy did not have immediate comment on the FDA action.

Brokerage HSBC in a research note downgraded Ranbaxy, controlled by Japan's Daiichi Sankyo, to "underweight" from "overweight" citing the import alert.

The company in May had pleaded guilty to US felony charges related to drug safety and agreed to $500 million in fines.

(Reuters)


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news 8 pharma us fda ranbaxy import alert mohali plant