Indian drugmaker Ranbaxy faces new US regulation difficulties
AFPMUMBAI--Shares in Indian generic drugs giant Ranbaxy Laboratories crashed as much as 35 percent in early trade on Monday after the U.S. Food and Drug Administration suspended imports from one of its factories.
September 17, 2013, 12:08 am TWN
Ranbaxy slid to 297.25 rupees on the Bombay Stock Exchange, down 34.99 percent, before recovering to 341.00 rupees, down 25.42 percent.
The FDA issued an alert on Friday against a Ranbaxy factory in Mohali in the northern state of Punjab, meaning imports are suspended from the plant.
A spokesman for Ranbaxy, part of Japan's Daiichi Sankyo group, was not immediately available for comment.