|Top Indian drug maker's shares plunge on FDA alert||| Print ||
|Written by Associated Press|
|Monday, 16 September 2013 07:02|
MUMBAI, India (AP) — Shares in India's largest pharmaceutical company have plummeted after U.S. regulators issued an import warning on its products. Ranbaxy Laboratories Ltd. stock price fell by 30 percent to 319.90 rupees ($5.10) in trading on the Bombay Stock Exchange.
Monday's sharp losses came after the U.S. Food and Drug Administration effectively stopped imports of 11 drugs from Ranbaxy's Mohali factory in Punjab province on Friday because it was deemed not to meet good manufacturing practices. Two other Ranbaxy factories are already under similar alerts.
Ranbaxy is the leading drug maker in India's generic pharmaceutical industry. In May, one of its subsidiaries agreed to pay a record $500 million in U.S. fines and penalties for selling adulterated drugs and lying to federal regulators.
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