Saturday, May 4, 2013

MARKET EYE-Ranbaxy shares fall on Q4 loss, no update on Dewas

* Shares in Ranbaxy Laboratories Ltd

fall 3.6 percent, down for a second consecutive session, after India's top drugmaker by sales on Tuesday reported a surprise quarterly loss on product recall charges.

* Ranbaxy shares fell 3.95 percent on Tuesday. * Credit Suisse maintained its "neutral" rating on the stock after the results, citing continued regulatory uncertainty, especially from its Dewas plant. * The U.S. Food and Drug Administration blocked some generic drug imports from Ranbaxy, citing procedural violations at the drugmaker's Dewas and Paonta Sahib plants in India. * "Without update on the Dewas facility, we do not see upside to the stock and maintain our NEUTRAL rating," Credit Suisse said in its note. (abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)


View the original article here

0 comments:

Post a Comment