Shares of pharmaceutical company Ranbaxy Laboratories has tanked 7% to Rs 432 in early noon deals on back of heavy volumes. The stock opened at Rs 465 and touched a low of Rs 426 on the BSE.
Till 1100 hours, a combined 4.12 million shares have already changed hands against an average sub 3 million shares that were traded daily in past two weeks on the BSE and NSE.
According to media report, the US Food and Drug Administration (US FDA) is inspecting Ranbaxy’s active pharmaceutical ingredient or API manufacturing factory at Toansa in Punjab.
The outcome of the US drug regulator’s team inspection could be crucial for the company because 70-75% of the APIs used in its formulations are understood to be manufactured at the factory, the Business Standard report suggests.
Earlier in December 2012, the USFDA had issued a Form 483 to the company highlighting several violations in manufacturing practices at the API unit, added report.
Till 1100 hours, a combined 4.12 million shares have already changed hands against an average sub 3 million shares that were traded daily in past two weeks on the BSE and NSE.
According to media report, the US Food and Drug Administration (US FDA) is inspecting Ranbaxy’s active pharmaceutical ingredient or API manufacturing factory at Toansa in Punjab.
The outcome of the US drug regulator’s team inspection could be crucial for the company because 70-75% of the APIs used in its formulations are understood to be manufactured at the factory, the Business Standard report suggests.
Earlier in December 2012, the USFDA had issued a Form 483 to the company highlighting several violations in manufacturing practices at the API unit, added report.
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