September 16, 2013 / 3:55 AM / in 4 years

Ranbaxy falls over 30 pct after FDA import alert; stock downgrade

MUMBAI, Sept 16 (Reuters) - 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 action.

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.

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