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Ranbaxy Laboratories shares pull off sensational U-turn post-$500 mn penalty

Ranbaxy Laboratories shares gain 3%,after earlier declining as much as 4.2%.

Written by Reuters | Published: May 14, 2013 4:26:12 pm

Ranbaxy Laboratories shares gain 3 percent,after earlier declining as much as 4.2 percent,as traders call those falls extensive.

* The Indian generic drugmaker slumped earlier,a day after pleading guilty to U.S. felony charges related to drug safety and agreed to pay $500 million in civil and criminal fines.

* However,analysts note that Ranbaxy Laboratories in December 2011 set aside $500 million to resolve the potential criminal and civil liabilities related to the investigation by the U.S. government into its manufacturing practices and falsifying data.

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* Analysts say the fine announced on Monday could end the overhang that had been created over the US investigation,and allow Ranbaxy Laboratories to focus on its US sales.

* “People are buying shares as uncertainty of US FDA (Food and Drug Administration) and DOJ (Department of Justice) is out of equation now,which is a big boost,” said Ranjit Kapadia,senior vice president at Centrum Broking.

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