MUMBAI (Reuters) - Shares in Ranbaxy Laboratories Ltd dropped more than 30 percent on Monday, after the U.S. 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 on Monday downgraded Ranbaxy, controlled by Japan's Daiichi Sankyo Co , to "underweight" from "overweight" citing the import alert.
The company in May had pleaded guilty to U.S. felony charges related to drug safety and agreed to $500 million in fines.
(Reporting by Abhishek Vishnoi and Sumeet Chatterjee; Editing by Jeremy Laurence)
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 →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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