Pharmaceutical major Ranbaxy Laboratories’ shares tumbled at the bourses today by over eight per cent on reports of US President Emergency Plan for AIDS Relief (PEPFAR) suspending funding of three generic HIV/AIDS drugs.
The scrip settled at Rs 272.40, down 8.04 per cent on the Bombay Stock Exchange, despite the company’s assurance that its drugs and pharmaceutical products were safe.
In the day’s trade, Ranbaxy’s shares fell 9.17 per cent to touch an intra-day low of Rs 269.05 on the BSE.
Yesterday, PEPFAR had said it would suspend funding Ranbaxy for three of its generic HIV/AIDS drugs till the time issues raised by the USFDA on manufacturing deficiencies related to the company’s two plants were resolved.
On the NSE the scrip slid 8.11 per cent to end the trade at Rs 272.10, after touching the day’s low of Rs 270.