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Ranbaxy hits 52-week high, surges 8% in two days

This article was posted on Aug 23, 2012 and is filed under Market News

The company has withdrawn 27 drugs from the US market due to commercial reasons.

Ranbaxy Laboratories has rallied 4% at Rs 554, extending its previous day’s over 4% surge after the pharmaceutical firm said that it had withdrawn 27 drugs from the US market due to commercial reasons.

“The company has determined certain products with negligible commercial impact should be withdrawn to enable it to focus resources on other applications of greater importance and value to the US business and health care system,” Ranbaxy said in a filing to the Bombay Stock Exchange.

Analysts said the move would not have a significant impact on Ranbaxy’s future revenues as it was already not allowed to sell those drugs in the US.

The stock opened at Rs 541 and hit a low of Rs 536 on the NSE. A combined 1.65 million shares have already changed hands on the counter till early noon deals, against an average 1.32 million shares that were traded daily in past two weeks.

Source: Business Standard

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