Ranbaxy plunges as US plant under FDA scanner

The stock was plunged nearly 14% to Rs 302 on the BSE.

Ranbaxy Laboratories has plunged nearly 14% to Rs 302 in early morning deals on reports that the company’s manufacturing facility in United State (US) is under surveillance of the US Food and Drug Administration (FDA).

At 0917 hours, the stock is trading at Rs 328, recovering about 9% from intra-day’s low on BSE. A combined around 200,000 shares change hands on the counter till 0918 hours on BSE and NSE.

Ranbaxy’s US-based Ohm Laboratories, currently its only facility making medicines for the American market, is learnt to be under surveillance of the USFDA, the Business Standard report suggests.

The US contributed 40% to Ranbaxy's total revenue till 2012.