Business Daily from THE HINDU group of publications
Friday, Feb 16, 2007
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Business Daily from THE HINDU group of publications Friday, Feb 16, 2007 ePaper |
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No reason was given by Ranbaxy on why its US offices had been searched. In a late evening statement on Thursday, Ranbaxy said: "this action has come as a surprise. The company is not aware of any wrongdoing. It is co-operating fully with the officials." Ranbaxy reiterated that its operations continue as normal, even as unconfirmed news circulated in the pharmaceutical industry of the office being closed. The New-Delhi based company's stock-price had taken a hammering during the day, down 5.09 per cent, following unconfirmed reports that trickled out of New Jersey on Ranbaxy's US headquarters being searched by US regulatory authorities. According to a pharma-industry analyst, there were rumours of price-manipulation and the arrest of top company officials.
`Wild allegations'
Sticking to the statement made by the company, a Ranbaxy official told Business Line that wild allegations were circulating against it. Ranbaxy top-brass did not personally seek to clear the air, though the company issued a statement from its New Jersey office. Ranbaxy's US operation was in the spotlight last year, when its head, Mr Atul Malhotra, was recalled. No reasons were given for this. Mr K. Venkatachalam now heads the US operation, a company official said. The company's US operations clocked sales of $380 million in 2006, a 15 per cent growth over the previous year. It had launched 10 products in the US market last year, an official said.Ranbaxy stock was down 5.09 per cent on the BSE, at Rs 393.50
More Stories on : Announcements | Economic Offences | Pharmaceuticals | Ranbaxy Laboratories Ltd
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