Ranbaxy shares fall on Q4 loss

Reuters Market Eye - Shares in Ranbaxy Laboratories Ltd fall 3.6 percent, down for a second consecutive session, after India's top drugmaker by sales on Tuesday reported a surprise quarterly loss on product recall charges.

Ranbaxy shares fell 3.95 percent on Tuesday.

Credit Suisse maintained its "neutral" rating on the stock after the results, citing continued regulatory uncertainty, especially from its Dewas plant.

The U.S. Food and Drug Administration blocked some generic drug imports from Ranbaxy, citing procedural violations at the drugmaker's Dewas and Paonta Sahib plants in India.

"Without update on the Dewas facility, we do not see upside to the stock and maintain our NEUTRAL rating," Credit Suisse said in its note.

 

(Reporting by Abhishek Vishnoi)