Ranbaxy Laboratories has tanked 7% to Rs 402 in early morning trades on reports that Drug Controller General of India (DCGI) had been ordered to examine all the dossiers and drug applications on the basis of which approvals had been granted to Ranbaxy in the past.
According to the reports, DCGI has been asked to go through the US order in detail and then examine the documents, dossiers and approvals to Ranbaxy in India. The regulator will evaluate all documents to see whether there has been any compromise in safety, quality, efficacy, or even in submitting data for seeking approvals.
The future course of action would be decided after DCGI’s report, expected to come within a month. The impact of the probe is not certain and will be certain only after the final verdict on the issues, however the news will continue to be an overhang for the stock, says analyst at Angel Broking Research.
The stock opened at Rs 425 and hit a low of Rs 401 on BSE. A combined 908,960 shares have changed hands on the counter so far on BSE and NSE.
According to the reports, DCGI has been asked to go through the US order in detail and then examine the documents, dossiers and approvals to Ranbaxy in India. The regulator will evaluate all documents to see whether there has been any compromise in safety, quality, efficacy, or even in submitting data for seeking approvals.
The future course of action would be decided after DCGI’s report, expected to come within a month. The impact of the probe is not certain and will be certain only after the final verdict on the issues, however the news will continue to be an overhang for the stock, says analyst at Angel Broking Research.
The stock opened at Rs 425 and hit a low of Rs 401 on BSE. A combined 908,960 shares have changed hands on the counter so far on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%