Mumbai, 16 September: Shares of Ranbaxy Laboratories today nosedived by over 30 per cent, making investors poorer by Rs 5,855 crore, after the US Food and Drug Administration issued an import alert on drugs produced by the company at its Mohali plant in Punjab.
As a result, shares of the company slumped 35 per cent to Rs 297.25 in intra-day trade at the BSE. They finally ended at Rs 318.85, down 30.27 per cent from the previous close. At the NSE, the stock plunged 30.03 per cent to settle at Rs 319.90. The sell-off in the stock sent the company’s market value down by Rs 5,855 crore to Rs 13,491 crore.
“Ranbaxy has seen volatility recently,” said Mr Milan Bavishi, head research, Inventure Growth and Securities. PTI