9:25 am - Tuesday November 5, 2024

Ranbaxy downgraded on FDA concerns, shares fall

950 Viewed Alka Anand Singh Comments Off on Ranbaxy downgraded on FDA concerns, shares fall
US import alert may hurt Ranbaxy Laboratories, says Macquarie
US import alert may hurt Ranbaxy Laboratories, says Macquarie

Ranbaxy Laboratories shares fell 1.3 per cent, adding to Monday’s 5.4 per cent slump after the US Food and Drug Administration raised concerns about manufacturing practices at one of its factories.

Macquarie and Jefferies downgrade Ranbaxy, saying the FDA uncertainty could put pressure on valuations in the near-term till further clarity emerges.

Macquarie downgraded the stock to “neutral” from “outperform” and cut the price target to Rs. 450 from Rs. 500, while Jefferies cuts Ranbaxy to “underperform” from “hold” with a price target of Rs. 350.

Ranbaxy said on Monday the FDA has filed “certain observations” about its Toansa pharmaceutical ingredients plant in the northern Indian state of Punjab.

“The issue also increases the risk of delay in resolution of import alerts and launch of products,” Jefferies said in a note to clients.

Don't miss the stories followIndiaVision India News & Information and let's be smart!
Loading...
0/5 - 0
You need login to vote.
CCI rules out cartelisation among steel producers

CCI rules out cartelisation among steel producers

Sensex, Nifty surge most in 7 weeks on RBI hopes; rupee gains 0.6%

Sensex, Nifty surge most in 7 weeks on RBI hopes; rupee gains 0.6%

Related posts