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Ranbaxy shares slump after Daiichi Sankyo says misled

Source : REUTERS
Last Updated: Thu, May 23, 2013 05:53 hrs
​Ranbaxy

Ranbaxy Laboratories Ltd slumped as much as 6.97 percent on Thursday after majority shareholder Daiichi Sankyo Co(4568.T) said it believes former shareholders of the Indian company hid information regarding U.S. regulatory probes.

"Daiichi Sankyo believes that certain former shareholders of Ranbaxy concealed and misrepresented critical information concerning the U.S. DOJ and FDA investigations," the Japanese company said in a statement on its website late on Wednesday, referring to the U.S. Department of Justice and the Food and Drug Administration.

Daiichi Sankyo did not name the shareholders.

Last week, Ranbaxy pleaded guilty to felony charges related to drug safety and agreed to pay $500 million in civil and criminal fines under a settlement with the U.S. Department of Justice.

Ranbaxy shares were down 6.5 percent as of 10.47 a.m., under-performing a 1 percent fall in the broader Nifty.


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