Portfolio Manager, PN Vijay is of the view that one can start picking Ranbaxy Laboratories at around Rs 300.

Vijay told CNBC-TV18, "Ranbaxy is not selling its drugs only in US but it is clear that the American pharma companies are working overtime to get after Ranbaxy. This has been a long battle of last twenty years. Ranbaxy and Dr Reddy’s have been the whipping boys of the US pharma sector. Clearly they found something, which Ranbaxy should not have done, I do not know the details. But Ranbaxy is also a very strong domestic company, it is not such an UScentric company, so around Rs 300, it is unbelievably low for Ranbaxy, one could start picking that stock."

He further added, "They have gone very global rather too fast, but the way drug administration is done in countries-it is country specific if the US Food & Drug Administration (USFDA) finds that some drug is not properly manufactured in India, it does not mean that UK or Germany will toe the line. We have many numbers of instances of Europe taking a different view.

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.