Ranbaxy gains momentum as SC rejects PIL

MUMBAI: Shares of Ranbaxy Laboratories pulled back in the positive terrain after the Supreme Court dismissed a public interest litigation (PIL) against the company for alleged sales of sub-standard drugs.

At 11:40 a.m.; the stock was at Rs 318, down 2.30 per cent, on the BSE. It touched a high of Rs 327.55 and a low of Rs 301.75 in trade today.

The Supreme Court said that it can’t entertain PIL against Ranbaxy is absence of details.

Advocate M L Sharma had filed a PIL against Ranbaxy Laboratories alleging that the the pharma major was manufacturing and selling adulterated medicines.

As per the PIL, the company was fined $500 million by the US Food and Drug Administration for making and selling adulterated drugs. It sought sealing of all Ranbaxy’s manufacturing units including those in Paonta Sahib in Himachal Pradesh and Dewas in Madhya Pradesh.

Ranjit Kapadia, Senior VP, Centrum Broking doesn’t expect too much upside in the stock. The outcome was on expected lines, he said to ET Now.