Ranbaxy Laboratories rose 1.2% to Rs 424.90 at 9:48 IST on BSE, with the stock recovering on bargain hunting after recent slide triggered by the firm receiving form 483 with certain observations from USFDA for its API plant at Toansa, Punjab.
Meanwhile, the S&P BSE Sensex was up 32.36 points or 0.15% at 21,321.85.
On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 5.86 lakh shares in the past two weeks.
The stock hit a high of Rs 429 and a low of Rs 421.50 so far during the day.
Shares of Ranbaxy Laboratories had declined 9.4% in three trading sessions to settle at Rs 419.85 on Wednesday, 15 January 2014 from Rs 463.45 on 10 January 2014 after company during trading hours on Monday, 13 January 2014 said it has received the form 483 with certain observations as a result of the recent United States Food and Drug Administration (USFDA) inspection at its active pharmaceuticals ingredient (API) plant at Toansa, Punjab, India.
Ranbaxy said that the company is assessing the USFDA observations, and will respond to the USFDA in accordance with the agency's procedure to resolve the concerns at the earliest. Ranbaxy said it continues to improve its systems and processes, and remains fully committed to upholding the highest standards that patients, prescribers, regulators and all other stakeholders expect from the company. The company added that it stays firmly committed to its philosophy of quality and patients first.
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The Toansa factory is the fourth Ranbaxy plant to receive negative observations from the US drug regulator; its plants in Paonta Sahib in Himchal Pradesh, Dewas in Madhya Pradesh and Mohali in Punjab had come under the FDA scanner earlier. Imports from the three plants have been stopped by the US regulator.
Ranbaxy Laboratories reported a consolidated net loss of Rs 454.17 crore in Q3 September 2013 compared with net profit of Rs 754.17 crore in Q3 September 2012. Net sales rose 3.1% to Rs 2750.17 crore in Q3 September 2013 over Q3 September 2012. The company unveils Q4 December 2013 results on 5 February 2014.
Ranbaxy Laboratories, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy is a member of the Daiichi Sankyo Group.
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