Ranbaxy Laboratories plunges 5%

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Ranbaxy has announced court filing of consent decree with US FDA. The company has agreed to make broad changes at its plants in US and India as part of a US government probe, reports CNBC-TV18.

US FDA said that, Ranbaxy had 'numerous problems' at its facilities in US and India.

Ranbaxy is going to hire expert to conduct thorough internal review and audit past drug applications. It will also hire outside auditor for future applications.

Ranbaxy Laboratories touched an intraday high of Rs 454 and an intraday low of Rs 442.20. At 09:17 hrs the share was quoting at Rs 451.00, down Rs 24.20, or 5.09%.
 
It was trading with volumes of 47,073 shares. In the previous trading session, the share closed up 1.58% or Rs 7.40 at Rs 475.20.

Ambareesh Baliga of Way2wealth said that, "In Ranbaxy whatever news flows have come seems negative. So clearly you will see the stock reacting and again if you see the last couple of months, the news as far as Ranbaxy is concerned has been more negative than positive. So generally you would see a knee-jerk reaction. But from a trading point of view one could look buying at lower levels for a bounce back."