Shares of Ranbaxy Laboratories extended losses for the second straight day on disappointing results for the past quarter,even though its consolidated PAT for the year surged over five-fold,three dealers said.
The company only reported annual numbers but a Reuters calculation showed a net loss of 975 million rupees for the October-December quarter compared to a profit of 2.6 billion rupees,a year ago.
Ranbaxy’s results were below expectations and there was no clarity about any resolution with the U.S. FDA on its concerns over the company’s plants at Paonta and Dewas,Credit Suisse said in a note. Ranbaxy is currently unable to produce and sell products made at those facilities to the U.S as a result of the regulatory issues. The shares of the firm had dropped 4 percent on Tuesday.
At 12:40 p.m.,shares were down 4.9 percent 470 rupees.