Ranbaxy Labs suspends the production of all API's from Tonsa and Dewas plant - Angel Broking

Ranbaxy Labs suspends the production of all API's from Tonsa and Dewas plant:

Views of Ms. Sarabjit Kour Nangra (VP-Research, Pharma)

"Ranbaxy Laboratories, has announced that it has temporarily suspended shipments of active pharmaceutical ingredients (APIs) produced at its Toansa and Dewas plants in India. Ranbaxy announced on January 24,2014 that API shipments from the Toansa plant to the United States were suspended. Additionally, Ranbaxy has now voluntarily suspended all API shipments from both the Toansa and Dewas plants in order to allow for further evaluation and inspection of manufacturing processes and quality control systems. The temporarily suspended shipments will be resumed once the processes and controls at these facilities are reconfirmed based on internal evaluations and inspections. Since, company has voluntarily withdrawn its production; we believe that the company would have made alternative arrangements for the production of the withdrawn of the API's. We remain neutral on the stock."

Source : Equity Bulls

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