Ranbaxy posts Q1 net loss of Rs 7.78 bn

Ranbaxy Laboratories,India’s leading drugmaker by sales,on Friday reported a huge quarterly net loss,as it lost money on derviatives valuations.

Ranbaxy,in which Japan’s Daiichi Sankyo owns about 64 per cent,said it posted a standalone net loss of 7.78 billion rupees ($156 million) in its fiscal first quarter ended March,compared with a profit of 1.03 billion rupees in the year-ago quarter.

The company had posted a net loss of $187 million for calender 2008.

The US Food and Drug Administration has banned imports from Ranbaxy’s Paonta Sahib plant in India and halted reviews of drug applications from it,accusing it of falsifying test results submitted in approved and pending drug applications.