Ranbaxy has slipped in early trades as the pharma company faces more lawsuits in the US.
The stock is volatile in opening trades. The stock slipped to a low of Rs 466 - down 1.4% from the previous close. It recovered to a high of Rs 476 and is now down marginally at Rs 471. Around 42,000 shares have been traded on the BSE so far.
The company's local arm of the company has faced lawsuit for using false patent claims. The complaint arises from Ranbaxy’s use of a patent (number 4,619,921) on the label of Ultravate, a skin care brand, which the company acquired from Bristol Myers Squibb along with 12 other dermatology products three years ago.
This comes after the company receiving a warning letter from USFDA in December 2009 over one of its manufacturing facilities in the US. Two of the company’s manufacturing sites in India were already suspended by the US regulator due to manufacturing defects at that time.
