Ranbaxy falls nearly 4 pc as Mylan seeks to block Lipitor
Ranbaxy fell amid reports that Mylan Lab has dragged USFDA to court to block attempts by Ranbaxy to launch a generic copy of its Lipitor drug in American market.
By PTI | Updated:
MUMBAI: Ranbaxy Laboratories declined by nearly 4 per cent in early trade on the BSE today amid media reports that US-based Mylan Laboratories has dragged the 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 per cent 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 per cent to a low of Rs 447.20.
According to media reports, Mylan sued the US Food and Drug Administration (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.
Hit by the reports, shares of Ranbaxy fell by 3.84 per cent 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 per cent to a low of Rs 447.20.
According to media reports, Mylan sued the US Food and Drug Administration (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.
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