Home / Market Beat / Ranbaxy nosedives 17% after US bans its plant. Markets continue to trade soft.

Ranbaxy nosedives 17% after US bans its plant. Markets continue to trade soft.

Ranbaxy US FDA BanMarkets have continued to trade soft as stocks have been seeing sideways movements across all the sectors. The indices have also been constantly moving sideways for the past week.

The Nifty continues to trade soft at 6326 with 19 points decline while the Sensex is down by 63 points at 21305.

Stocks of Ranbaxy have seen a huge decline of over 17% in today’s trade as reports have come regarding the US FDA ban on its Punjab-based Toansa Active Pharmaceutical Ingredients (API) plant. The stock is down by 17% and is trading at 347.65.

Other stocks in the red include Tata Motors – down by 1.7%, and DLF which is down by 1.2%. M&M, Tata Steel and HDFC Bank have also shown weakness.

TCS and HCL Tech have resumed their gaining streak. The stocks are up by nearly a percent each. Wipro, Coal India and Ultratech Cement – have also been gaining in today’s trade.

The CNX Nifty Junior index is also down by 20 points. Canara Bank is down by 2.6% and is trading at 258.


 

 

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