Ranbaxy's woes continue

The woes for Ranbaxy continues. The stock, today morning, opened in the red, went down to an intra day low at Rs.356, just inches away from its 52-week low of Rs.353.95. It continues to remain in the red.

The company, which has been in the eye of US FDA storm for a while now, continues to remain mired in controversies. A new report has come in over the weekend that the company had to  recall, from U.S. pharmacies more than 64,000 bottles of 10-milligram tablets of atorvastatin calcium because of the possibility that some bottles contained higher-dose, 20-milligram tablets, the U.S. Food and Drug Administration said in notice posted online this week.  A pharmacist there found a 20-mg tablet in a sealed bottle marked for 10-mg tablets and that led to FDA issuing this recall.

This is at least the third Ranbaxy recall of generic Lipitor over the past two years. The company recalled about 480,000 bottles of varying dose levels in November 2012 because some bottles were contaminated by tiny glass particles. That recall prompted Ranbaxy to suspend production while it fixed the problem; the company resumed production last year.