Ranbaxy Laboratories jumped 4.03% to Rs 331.70 at 11:10 IST on BSE on bargain hunting after the stock slumped 30.27% on Monday, 16 September 2013.
Meanwhile, the BSE Sensex was down 28.62 points, or 0.14%, to 19,713.85.
On BSE, 14.29 lakh shares were traded in the counter compared with average volume of 6.57 lakh shares in the past one quarter.
The stock hit a high of Rs 338.90 and a low of Rs 320 so far during the day. The stock hit a 52-week high of Rs 559.80 on 8 November 2012. The stock hit a 52-week low of Rs 253.95 on 2 August 2013.
The stock had underperformed the market over the past one month till 16 September 2013, sliding 15.96% compared with the Sensex's 6.15% rise. The scrip had also underperformed the market in past one quarter, falling 15.68% as against Sensex's 2.94% rise.
The large-cap company has an equity capital of Rs 211.56 crore. Face value per share is Rs 5.
Shares of Ranbaxy Laboratories slumped 30.27% to Rs 318.85 on Monday, 16 September 2013, after the US Food and Drug Administration (US FDA) issued an import alert against company's Mohali plant in Punjab on Friday, 13 September 2013.
Ranbaxy announced before trading hours today, 17 September 2013, that the US FDA that imposed an import alert on the company's Mohali facility. The US FDA also advised that the Mohali facility will be subject to certain terms of the Consent Decree signed in January 2012.
The company said it will review the details and will continue to fully cooperate with the US FDA and take all necessary steps to resolve the concerns at the earliest.
The US FDA had conducted inspections at Ranbaxy's Mohali facility in 2012, resulting in certain observations. The Company believes that it has made further improvements at its Mohali facility since the last inspection in 2012, and remains committed to addressing all concerns of the US FDA. Ranbaxy said it was hopeful of an early resolution of these concerns.
Ranbaxy said it was fully committed to upholding the highest standards that patients, prescribers, regulators and all other stakeholders expect from the company. Ranbaxy said it stayed firmly committed to its philosophy of 'Quality and Patients First'.
The Mohali plant manufactures oral solids for export to the US, the European Union and other geographies.
In May 2013, Ranbaxy Laboratories agreed to pay $500 million penalty to the US government to settle criminal and civil charges related to drug safety.
Ranbaxy Laboratories reported consolidated net loss of Rs 524.24 crore in Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Net sales declined 17.8% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012.
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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