Daiichi Sankyo made the announcement on Wednesday, 22 May 2013.
Meanwhile, the BSE Sensex was down 345.63 points, or 1.72%, to 19,716.61.
On BSE, 3.47 shares were traded in the counter as against an average daily volume of 1.34 lakh shares in the past one quarter.
The stock hit a high of Rs 425 and a low of Rs 391 so far during the day. The stock had hit a 52-week high of Rs 578.30 on 4 September 2012. The stock had hit a 52-week low of Rs 370.50 on 1 March 2013.
The stock had underperformed the market over the past one month till 22 May 2013, falling 5.01% compared with the Sensex's 4.66% rise. The scrip had, however, outperformed the market in past one quarter, rising 4.31% as against Sensex's 3.86% rise.
The large-cap company has an equity capital of Rs 211.55 crore. Face value per share is Rs 5.
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Daiichi Sankyo believes that certain former shareholders of Ranbaxy concealed and misrepresented critical information concerning the U.S. DOJ and FDA investigations, the Japanese company said in a statement on Wednesday, 22 May 2013, referring to the US Department of Justice and the Food and Drug Administration. Daiichi Sankyo did not name the shareholders.
Daiichi Sankyo said it is currently pursuing its available legal remedies and cannot comment further on the subject at this time.
Daiichi Sankyo's statement comes nine days after Ranbaxy agreed to pay a fine of $500 million for selling adulterated drugs in the US market and pleaded guilty to seven criminal counts, including intention to defraud and failing to report that its drugs did not meet specifications.
These violations were committed when Ranbaxy was owned by brothers, Malvinder Singh and Shivinder Singh.
Daiichi Sankyo, Japan's third-largest drug maker, had bought a 34.8% stake in Ranbaxy from the Singh brothers for Rs 10000 crore in June 2008. It subsequently made an open offer for another 20%. Daiichi currently holds 63.5% in the Indian company (as on 31 March 2013).
Ranbaxy Laboratories' consolidated net profit declined 89.9% to Rs 125.76 crore on 34.2% decline in net sales to Rs 2439.82 crore in Q1 March 2013 over Q1 March 2012. The company said that the profitability in Q1 March 2013 was lower than in Q1 March 2012 primarily because of the base effect. The revenue and profitability in Q1 March 2012 was boosted by contribution from exclusivity drug launches.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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