Ranbaxy tanks on DCGI investigation
DCGI has been asked to go through the US order in detail and then examine the documents, dossiers and approvals to Ranbaxy in India.
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.