Shares of Ranbaxy Laboratories on Tuesday fell by over 2 per cent after the USFDA raised concerns about manufacturing practices at the pharmaceutical firm’s Toansa plant in Punjab.
After falling 2.86 per cent to Rs 425.80 in intra-day trade, the drug major’s scrip finally ended at Rs 429.80, down 1.95 per cent, on the BSE.
On the NSE, the stock settled at Rs 429.40, 2.14 per cent lower. In the previous session, it had plunged over 5 per cent.
The US Food and Drug Administration’s observations regarding the manufacturing practices in the company’s plant in Punjab comes after the recent inspection of the facility by the health regulator.
The USFDA has imposed ban on import of medicines manufactured at Ranbaxy’s India-based factories into the US, the world’s biggest drug market.
“The company is assessing the observations, and will respond to the USFDA in accordance with the agency’s procedure to resolve the concerns at the earliest,” Ranbaxy Laboratories said.