Ranbaxy falls on USFDA woes, brokerages downgrade

Written By Unknown on Selasa, 14 Januari 2014 | 14.02

Jan 14, 2014, 12.19 PM IST

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

Tags  Ranbaxy Laboratories, USFDA, Macquarie, Jefferies

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Ranbaxy falls on USFDA woes, brokerages downgrade

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

Like this story, share it with millions of investors on M3

Ranbaxy falls on USFDA woes, brokerages downgrade

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

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Ranbaxy Laboratories  shares fall 1.3 percent, adding to Monday's 5.4 percent 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 downgrades the stock to "neutral" from "outperform" and cuts 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.


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