Ranbaxy swings to Q4 loss
The shares of Ranbaxy Laboratories declined for the second consecutive day on disappointing results for the previous quarter, despite its consolidated PAT for 2011 surging more than five-fold, according to three dealers.
There was a report by the company showing only its yearly performance. However according to a Reuters measurement, there was a gross loss of 975 million rupees for quarter from October-December as against a profit made amounting to 2.6 billion rupees, around a year back.
The results of Ranbaxy had been much less than the expected figures. Also there had been no clarity regarding any kind of resolution with the U. S. FDA regarding its issues over the company’s plants situated in Paonta as well as Dewas, as told by Credit Suisse in a note.
At present, Ranbaxy is not capable of manufacturing and selling products produced at those facilities to the U. S as a consequence of the regulatory matters. There has been a reduction in the shares of the firm by 4% last Tuesday.
The shares of drug-producer Ranbaxy Laboratories declined by 5% on the Bombay Stock Exchange on Wednesday, even though the company posted more than a five-fold hop in the total gain made last year.
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