Pharma major Ranbaxy Laboratories today dipped as much as five per cent in morning trade on bourses amid media reports that the company may be sitting on mark-to-market (MTM) losses of over Rs 2,500 crore on foreign currency derivatives transactions.
Shares of Ranbaxy fell to an intra-day low of Rs 190.10, down 4.87 per cent from its previous closing price on the BSE. It was later trading at Rs 192.40, down 3.73 per cent.
A similar movement was seen on the National Stock Exchange, where the stock skid 5.09 per cent to a low of Rs 190. It was later quoting at Rs 191.75, down 4.22 per cent.
A total of 15.96 lakh shares of Ranbaxy changed hands on both the bourses.
Media reports say Ranbaxy may be sitting on derivative losses of over Rs 2,500 crore on foreign currency derivatives transactions entered into with various banks, quoting estimates by one of its lenders in February this year.