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Journalism of Courage
Ranbaxy Laboratories stock tanked over 6.5 per cent on Friday on the BSE,its steepest fall in almost 10 months,over harsher-than-expected clauses and lingering uncertainties over its access to the US drug markets despite Thursdays consent decree with US agencies. With the decline,Ranbaxy strengthened a historical trend and joined the ranks of several other global pharmaceutical giants that have had to enter into a consent decree with the US government and faced a similar hammering.
There are a lot of uncertainties built in Ranbaxys consent decree and a factor of exorbitant cost in hiring outside experts,fundamental changes that have to be incorporated in plants in the US and India,which are pulling the stock down, said Ranjit Kapadia,senior VP,Centrum Broking.
