Ranbaxy shares dip 35% on import warning

<p>Shares in Ranbaxy have fallen to a record low after an import alert from US authorities.</p>

Shares in Ranbaxy – the biggest drugmaker in India – have fallen to record lows today (September 15th), after an import alert issued by US authorities.

The warning from the US Food and Drug Administration (FDA) allows regulators to detain medications on the list "without physical sampling and analysis".

As a result of the alert, Ranbaxy shares dropped by as much as 35 per cent to their lowest since its original listing in 1991.

The FDA issued an alert from products manufactured at the company's Mohali plant on Friday.

According to the regulator, it can issue a warning when a firm does not conform with "current good manufacturing practices".

Its decision comes just months after Ranbaxy agreed to pay a record $500 million (£313 million) in fines over drug safety charges in the US.

Ranbaxy was downgraded to "underweight" from "overweight" by HSBC after the alert. The company has faced problems in the US over the past few years.

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