Ranbaxy Labs top loser

Ranbaxy Labs is the top loser on the BSE currently, down by a whopping 24% or by Rs.110 at Rs.346.50. The stock had hit an intra day low at Rs.297.25. Its 52-week low is at Rs.253.95.

The stock has slipped deep into the red today morning as once again the US FDA issue has come haunting back. The US FDA has issued an import alert on the company’s Mohali unit and this comes when its units at Paonta Sahib and Dewas are already under a cloud.  This unit already had a Form 483 issued, indicating that there were some discrepancies in manufacturing practices which the US FDA had already found.  This Form 483 is issued to bring these issues to light but since those have not yet been corrected, this 483 has been converted into an import alert.