Equity Alert: Ranbaxy dn 8%; report Canadian regulator to review co
MUMBAI--12:49PM--Ranbaxy Laboratories fell over 8% to 318 rupees
amid
speculation global health regulators are reviewing the company's drugs
following U.S. Food and Drug Administration's ban on import of 30
drugs
made at two of Ranbaxy's domestic plants.
Also, Japanese drug maker Daiichi Sankyo's open offer for
acquiring an
additional 20% in Ranbaxy was oversubscribed and the excess shares are
being
credited to shareholders today.
"Some (shareholders) have already got the excess shares today and
are
selling them," a dealer said.
Dealers expect the stock to find support around 300-310 rupees.
Mint newspaper today reported the Canadian drug regulator has
issued a
notice against the company and Germany's Federal Institute for Drugs
and
Medical Devices has also decided to be cautious about drug marketing
applications from Ranbaxy.
In 2007, Ranbaxy's revenue from European Union stood at $365 mln,
while
sales in Canada reached $29 mln, up 141% from a year ago, the report
said.
So far, 2.7 mln Ranbaxy shares have been traded on NSE. August
futures of
the stock were at par to the spot, with 8% fall in open interest.
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