Ranbaxy dips 11 pc in mid-day trade | business | Hindustan Times
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Ranbaxy dips 11 pc in mid-day trade

business Updated: Mar 05, 2009 15:17 IST

Shares of Ranbaxy dipped nearly 11 per cent on bourses during mid-session amid reports that the Australian health regulator has undertaken a further review of products of the Indian pharma major.

The stocks of the pharma-major opened on a weak note and then dipped by 10.99 per cent to touch an intra-day low of Rs 141.65. It was later trading at Rs 144, down 9.43 per cent on BSE.

Similar movement was seen on the National Stock Exchange, where the scrip dipped by 11.03 per cent to touch a low of Rs 141.50. It was later trading at Rs 144, down 9.46 per cent.

A total of over 62.43 lakh Ranbaxy shares changed hands on both the bourses.

On Wednesday, the Sydney Morning Herald noted that the Australian administration, Therapeutic Goods Administration, has undertaken a further review of products and testing “to verify that products produced from this facility meet the quality standards expected”.

It was reviewing latest information from the FDA and had sought more details concerning products sold in Australia, the paper said.

Last week, the US FDA had halted the review of new drug applications from the company’s Paonta Sahib plant after the American regulator found evidence of falsifying data on drugs requiring its approval.