India's Ranbaxy Laboratories posts loss in June quarter
MUMBAI, July 29
MUMBAI, July 29 (Reuters) - Indian drugmaker Ranbaxy Laboratories Ltd, which has agreed to be acquired by local rival Sun Pharmaceutical Industries Ltd, posted a net loss in the June quarter hit by a one-time provision.
The company has been slapped with a slew of regulatory sanctions in the last year due to violation of standard production practices, hitting its sales in the United States and Europe, its primary export markets.
Ranbaxy's net loss in the April-June quarter was at 1.86 billion rupees ($30.94 million), compared with a loss of 5.24 billion rupees a year earlier.
($1 = 60.1150 Indian Rupees) (Reporting by Sumeet Chatterjee; Editing by Sunil Nair)
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