Equity Alert: Ranbaxy seen down 2-3% on US FDA warning for 2 units
MUMBAI--9:45AM--Ranbaxy Laboratories' shares are seen down 2-3%
today after
the US Food and Drug Administration proposed to ban 30 drugs from the
Indian
pharmaceutical major's facilities at Ponta Sahib and Dewas.
Technical analysts said Ranbaxy shares would hit a support level
at 375
rupees. The shares ended Tuesday at 403.20 rupees, down 4%.
Part of the impact today would be sentimental, an analyst said,
because
exports from the Ponta Sahib facility have been on hold for several
months,
so little impact on revenue is likely.
Plus, the US FDA has notified the company about these two
facilities earlier
also, and has been raising similar objections for over a year, but has
not
enforced any regulation, he said.
Yet, some revenue would be affected, because though these units
are
exporting few formulations, they are providing active pharmaceutical
ingredients
to other plants, another analyst said.
However, since the company has not detailed the quantum of
production and
revenues from the two units, there was no immediate estimate of the
impact from
the ban, analysts said.
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