Ranbaxy Laboratories rebounds over 6% from intra-day low

The stock moved higher by 4% to Rs 625, bouncing back 6.5% from intra-day low of Rs 587 on BSE.

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Shares of Ranbaxy Laboratories have moved higher by 4% to Rs 625, bouncing back 6.5% from intra-day low on BSE, on back of heavy volumes.

The stock opened at Rs 597 and touched a low of Rs 587 in early trade on BSE. The trading volumes on the counter more than doubled with a combined 3.2 million shares changing hands till 1148 hours on NSE and BSE.

Meanwhile, shares of generic drug maker had dipped 14% from its record closing high of Rs 681 on November 11, after the US Food & Drug Administration (US FDA) revoked Ranbaxy’s six-month exclusivity for Nexium and Valcyte.

According to Reuters report, a US court has denied a request by drugmaker Ranbaxy Laboratories to stop competitors from launching copies of AstraZeneca Plc's heartburn pill Nexium and Roche's antiviral Valcyte, a court filing showed.

Ranbaxy and the FDA have until Nov 21 to submit a schedule for further proceedings in the case, the filing showed, added report.