Meanwhile, the BSE Sensex was down 32.20 points, or 0.17%, to 19,293.67.
On BSE, 5.16 lakh shares were traded in the counter as against an average daily volume of 1.50 lakh shares in the past one quarter.
The stock hit a low of Rs 342.75 so far during the day, a 52-week low. The stock hit a high of Rs 366 so far during the day. The stock had hit a 52-week high of Rs 578.30 on 4 September 2012.
The stock had underperformed the market over the past one month till 17 June 2013, sliding 22.49% compared with the Sensex's 4.73% fall. The scrip had also underperformed the market in past one quarter, falling 16.72% as against Sensex's 0.52% fall.
The large-cap company has an equity capital of Rs 211.55 crore. Face value per share is Rs 5.
The Supreme Court will reportedly hear on 24 June 2013 a petition seeking probe against Ranbaxy Laboratories for allegedly manufacturing and selling adulterated medicines. The petition also sought sealing of all its manufacturing units here, including those in Paonta Sahib in Himachal Pradesh and Dewas in Madhya Pradesh, reports added.
Ranbaxy Laboratories had on 31 May 2013 said that all its products currently in the Indian and global markets are safe and efficacious. The company stands by the quality of every medicine that the company makes and distributes in India and every country around the world, it had said. The company's India facilities are routinely inspected by Drug Controller General of India and many other global regulatory agencies, Ranbaxy said at that time.
Ranbaxy Laboratories' majority shareholder Daiichi Sankyo had on 22 May 2013 said it believes former shareholders of the Indian company hid information regarding US regulatory probes.
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's statement came after Ranbaxy on 13 May 2013 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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