MUMBAI, Sept 16 Shares in India's Ranbaxy
Laboratories Ltd dropped more than 30 percent on
Monday, after the U.S. Food and Drug Administration issued an
import alert against company's Mohali plant.
The FDA issued the alert on Friday, as per FDA's website. A
spokesman for Ranbaxy did not have immediate comment on the FDA
Brokerage HSBC in a research note on Monday downgraded
Ranbaxy, controlled by Japan's Daiichi Sankyo Co, to
"underweight" from "overweight" citing the import alert.
The company in May had pleaded guilty to U.S. felony charges
related to drug safety and agreed to $500 million in fines.