Ranbaxy Laboratories declined by nearly 4% in early trade on the BSE today amid media reports that US-based Mylan Laboratories has dragged the US Food and Drug Administration (USFDA) to court to block attempts by the Indian drug major to launch a generic copy of its Lipitor drug in the American market.
Hit by the reports, shares of Ranbaxy fell by 3.84% to an early low of Rs 450.55 on the Bombay Stock Exchange (BSE).
The stock took a similar beating on the National Stock Exchange, where it slipped by 4.61% to a low of Rs 447.20.
According to media reports, Mylan sued the USFDA for granting permission to Ranbaxy to market a generic version of Lipitor in the US. The company is seeking to block Ranbaxy's Lipitor copy, it added.
Meanwhile, the BSE 30-share key index Sensex was trading lower by 42.87 points at 17,835.94 at 0959 hours today.
