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Journalism of Courage
Japans second biggest pharmaceutical firm Daiichi Sankyo today said it plans to record a valuation loss of $3.9 billion on its shares in its India-based subsidiary Ranbaxy Laboratories to reflect the decline in market value of equities.
On a non consolidated basis,Daiichi Sankyo plans to record a non-cash valuation loss of 3.9 billion dollar on its shares in Ranbaxy in its third-quarter to reflect a more than 50 per cent decline in market value of these securities versus the purchase price, the Japanese company said in a statement.
The company also said it would suffer a one-time loss of 3.8 billion dollars on consolidated basis for its investments in Ranbaxy Laboratories. Daiichi has taken this step to meet the accounting standards,it added.
