Moneycontrol Bureau
Shares of Ranbaxy Laboratories fell 4 percent intraday as it is in trouble again. Investors are worried that the drug major has recalled over 64,000 bottles of the generic versions of its cholesterol-lowering drug in the United States due to reports of a dose mix-up.
Ranbaxy has recalled tablets of atorvastatin calcium, the generic name for Lipitor's active ingredient, after a pharmacist found a 20-milligram tablet in a sealed bottle marked for 10-milligram tablets, the US Food and Drug Administration (FDA) said.
The FDA declared a Class II recall, which signifies a remote chance of severe adverse consequences or death due to the product flaw. This is at least the third recall of generic Lipitor over the past two years.
The drug manufacture has been under USFDA scanner for sometime. Earlier in February, it temporarily suspended shipment of pharmaceutical ingredients produced at its Toansa and Dewas plants, as a precautionary measure to better to assess and review the processes and controls.
In January USFDA had banned Ranbaxy’s Punjab-based Toansa Active Pharmaceutical Ingredients (API) plant. Toansa is the fourth unit of the company which was banned and added to consent decree. With that, all of the company's India-based plants supplying to US were banned.
At 09:38 hrs Ranbaxy Laboratories was quoting at Rs 357.05, down Rs 13.05, or 3.53 percent.
With inputs from Reuters.
Posted by Nasrin Sultana
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
