Ranbaxy Laboratories saw its shares tank 35 per cent on Monday, wiping-off Rs 5,159 crore from its market value, amid media reports that the US Food and Drug Administration (FDA) has
issued an import alert on drugs manufactured at the company's plant in Mohali.
The company had in May also agreed to pay a hefty $500 million to settle
charges over its adulterated drugs.
Shares of the drug firm made a weak opening, and as the trade progressed at the Bombay Stock Exchange, the stock further plunged 34.99 per cent to Rs 297.25. At the National Stock Exchange, the stock slumped 32.57 per cent to Rs 308.25.
Following a massive sell-off in the stock, the market value of the company dipped by Rs 5,159 crore to Rs 14,187 crore.
Meanwhile, in the broader market, the Sensex was trading at 19,934.77, up 202.01 points in late morning trade.
With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
PHOTO: Reuters 
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