Top Indian drug maker's shares plunge on FDA alert PDF  | Print |  E-mail
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.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Front Page Stories

Body of BGSU student found
07/23/2014 | Sentinel-Tribune Staff
article thumbnail

A missing poster for Cory Barron, is posted on a light pole along West 6th Street in Cle [ ... ]


Chinese lanterns may have ignited fire
07/23/2014 | PETER KUEBECK, Sentinel Staff Writer
article thumbnail

File photo. A firefighter is seen near a fire engulfing a pallet yard on West Broadway S [ ... ]


Other Front Page Articles