MUMBAI: The cup of woes of Ranbaxy LaboratoriesBSE -4.14 %
continues to overflow. The stock plunged over 5 per cent on media
reports that the US-based Ohm Laboratories-the company's facility in the
US, is under the surveillance of the US Food and Drug Administration (FDA).
At 10:27 a.m.; the stock was at Rs 333, down 4.99 per cent, on the BSE. It touched a high of Rs 340.95 and a low of Rs 302 in trade so far.
According to a business daily, Form 483 was issued to Ohm Laboratories after the plant was inspected by FDA towards the end of 2012. The form is issued to notify of conditions which seem to breach the US Food, Drug and Cosmetic (FD&C) Act and related laws.
In another set-back to the company, its US-based subsidiary Ranbaxy Laboratories Inc., received a Paragraph IV certification notice of filing from Watson Laboratories Inc. of an Abbreviated New Drug Application to the US Food and Drug Administration for a generic version of Absorica.
"Ranbaxy shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act," the company said in a filing to stock exchanges.
Recently the stock 35% had plunged following reports that the USFDA had issued an import alert for drugs manufactured at its plant in Mohali.
BY
Javed Iqbal
PGDM-I
At 10:27 a.m.; the stock was at Rs 333, down 4.99 per cent, on the BSE. It touched a high of Rs 340.95 and a low of Rs 302 in trade so far.
According to a business daily, Form 483 was issued to Ohm Laboratories after the plant was inspected by FDA towards the end of 2012. The form is issued to notify of conditions which seem to breach the US Food, Drug and Cosmetic (FD&C) Act and related laws.
In another set-back to the company, its US-based subsidiary Ranbaxy Laboratories Inc., received a Paragraph IV certification notice of filing from Watson Laboratories Inc. of an Abbreviated New Drug Application to the US Food and Drug Administration for a generic version of Absorica.
"Ranbaxy shall take appropriate actions in response to the Paragraph IV notice letter, and FDA approval of the ANDA shall then be governed by the Hatch-Waxman Act," the company said in a filing to stock exchanges.
Recently the stock 35% had plunged following reports that the USFDA had issued an import alert for drugs manufactured at its plant in Mohali.
BY
Javed Iqbal
PGDM-I
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