Ranbaxy slips 5% on FDA warning

Ranbaxy Laboratories closed 5% down at Rs 405, has recorded volume of 445,000 equity shares on the counter on the BSE.
________________________________________________
(Updated at 1115 hrs)

Ranbaxy Laboratories has slipped 5% to Rs 407, on reports that the US drug regulator has asked the company to immediately assess the manufacturing practices at its plants that make drugs for the American market.

The stock opened at Rs 416 and touched low of Rs 402. The counter has seen low volume in falling market, with 135,000 shares changing the hands at the counter as compared two-week average of 245,000 shares traded on the BSE.

US Food and Drug Administration (FDA) has said Ranbaxy is not taking adequate corrective measures to meet regulatory requirements even after receiving warning letters from it. The US FDA had issued the warning letter to Ranbaxy's US-based subsidiary Ohm Laboratories for violating norms of current good manufacturing practice (CGMP) on December 21, 2009.