Ranbaxy under pressure on Australia probe report
Shares of Ranbaxy Laboratories dropped to a 52-week low on reports the Australian pharmaceutical regulator is investigating allegations by US regulators that one of Ranbaxy's plants falsified data.
By ET Bureau |
MUMBAI: Shares of Ranbaxy Laboratories dropped to a 52-week low on reports the Australian pharmaceutical regulator is investigating allegations by US regulators that one of Ranbaxy's plants falsified data and test results for several approved and pending drug applications.
Last week, the US Food and Drug Administration had halted the review of new drug applications from the company's Paonta Sahib plant after the American regulator found evidence of falsifying data on drugs requiring its approval.
According to the publication, 62 products registered on the Australian Register of Therapeutic Goods have identified Ranbaxy's Paonta Sahib site as a manufacturer.
At 2:40 pm, the company���s shares eased some its losses and were trading at Rs 146.30, up 8.07 per cent. The stock had slid to a 52-week low price of Rs 140.25.
Last week, the US Food and Drug Administration had halted the review of new drug applications from the company's Paonta Sahib plant after the American regulator found evidence of falsifying data on drugs requiring its approval.
According to the publication, 62 products registered on the Australian Register of Therapeutic Goods have identified Ranbaxy's Paonta Sahib site as a manufacturer.
At 2:40 pm, the company���s shares eased some its losses and were trading at Rs 146.30, up 8.07 per cent. The stock had slid to a 52-week low price of Rs 140.25.
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