Ranbaxy plunges 6 pc on data falsification charges | business | Hindustan Times
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Ranbaxy plunges 6 pc on data falsification charges

Ranbaxy today continued its free fall and plunged nearly six per cent on the Bombay Stock Exchange, two days after US health regulator FDA said it is taking new regulatory action against the drug major's Paonta Sahib plant.

business Updated: Feb 27, 2009 11:40 IST

Ranbaxy on Friday continued its free fall and plunged nearly six per cent on the Bombay Stock Exchange, two days after US health regulator FDA said it is taking new regulatory action against the drug major's Paonta Sahib plant.

The scrip of Ranbaxy, opened 5.76 per cent down to touch a low of Rs 160.15. It was later trading at Rs 161.15, down 5.18 per cent on the BSE.

Similar movement was seen on the National Stock Exchange, where the stock opened lower by 5.65 per cent to Rs 160.25, it was later trading at Rs 161, down 5.21 per cent.

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

The US Food and Drug Administration said that it is taking new regulatory action against Ranbaxy's Paonta Sahib Plant in India and has halted review of drug applications from the plant due to evidence on falsified data.

To address the falsified data, the FDA has invoked its Application Integrity Policy against the Paonta Sahib facility of Ranbaxy, it said.

Further, Japanese drug maker Daiichi Sankyo, which has acquired Ranbaxy Labs, said it has formed a joint team with Ranbaxy to look into US FDA's charges.