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Ranbaxy shares tank 35% on USFDA import alert buzz
Shares of Ranbaxy Laboratories tanked by 35% on Monday, wiping-off Rs 5,159 crore from its market value, amid media reports that the USFDA has issued an import alert on drugs manufactured at the company's plant in Mohali.
Shares of Ranbaxy Laboratories tanked by 35% on Monday, wiping-off Rs 5,159 crore from its market value, amid media reports that the USFDA has issued an import alert on drugs manufactured at the company's plant in Mohali.
Following the buzz, shares of the drug firm made a weak opening, and as the trade progressed at the BSE, the stock further plunged 34.99% to Rs 297.25.
At the NSE, the stock slumped 32.57% to Rs 308.25.
Following a massive sell-off in the stock, the market value of the company dipped by Rs 5,159 crore to Rs 14,187 crore.
According to media reports, the US Food and Drug Administration (USFDA) has issued an import alert on Ranbaxy Laboratories 's Mohali Unit.
The company in May had agreed to pay a hefty $500 million to settle charges over its adulterated drugs.
Meanwhile, in the broader market, the benchmark Sensex was trading at 19,934.77, up 202.01 points in late morning trade.
