Ranbaxy Lab

Delhi Police have filed a charge sheet against Sukesh Chandrashekhar and Leena Paul for allegedly cheating the family of ex Fortis Healthcare and Ranbaxy Lab promoters Shivinder and Malvinder Singh of over Rs 200 crore.

The two drugmakers did not give any deadline for the issues to be resolved. Kotak analysts, however, estimate Sun Pharma's Halol site - a site it had owned before the Ranbaxy deal - could be cleared by the second half of 2016.

Sun Pharma, India's largest drugmaker by sales, has reportedly asked 18 of its top executives to leave the company. The high-ranking executives earlier worked with Ranbaxy Labs, the company Sun Pharma acquired from Japan's Daiichi Sankyo in April 2014.

Sun Pharma founder Dilip Shanghvi's mother Kumud has gifted nearly 31 lakh shares in the drugmaker to her daughter-in-law Vibha, according to a regulatory filing on the Bombay Stock Exchange. The transfer took place on January 30 and is valued at Rs 280 crore according to Friday's closing price of Rs 915.95 apiece.

Ipca had voluntarily halted shipments to the United States from the plant in July last year after the FDA outlined half a dozen violations including data integrity issues.

Indian stock markets are likely to open flat on Monday as weak Japanese data led to weakness across Asian markets. Japan's Nikkei index fell nearly 2 per cent in morning trade today as the country slipped into a recession.

The Nifty opened lower on Friday as indicated by futures trade on Singapore Stock Exchange. Foreign investors continued to remain net buyers of Indian equities on Wednesday as they had bought shares worth Rs 1,031 crore in the cash market. However domestic investors were net sellers to the tune of Rs 1,205 crore.

Sun Pharma and Ranbaxy Lab rallied around 4 per cent to Rs 839.80 and Rs 627.40 respectively, whereas Glenmark Pharmaceuticals and Aurobindo Pharma were up between 4-6 per cent.

The move was likely triggered by increased drug recalls from the Halol plant, analysts say. Other analysts said an inspection was due because the US regulator had last visited the Halol plant in September 2012.

In April, Sun Pharmaceutical Industries announced it would acquire troubled rival Ranbaxy Laboratories in a $4-billion deal that includes $800 million debt. The transaction has valued Ranbaxy at 2.2 times its $1.8 billion revenue for 2013, or about Rs 457 per share.

The Nifty opened lower on Wednesday as indicated by futures trade on Singapore Stock Exchange. Both foreign and domestic investors remain net buyers of Indian shares on Monday. Foreign investors bought shares worth Rs 75 crore and domestic investors bought shares worth Rs56 crore. Stock specific action driven by earning is likely to be seen in mark...

The 'no-objection' from the two exchanges would allow the two companies to file with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun they need to consummate the transaction.

India supplies about 40 per cent of generic and over-the-counter drugs used in the United States, making it the second-biggest supplier after Canada.

Dr. Reddy's voluntary recall of lansoprazole delayed release capsules, a generic version of Swiss drugmaker Novartis' drug Prevacid 24 HR, began on January 3, 2014, the FDA said on its website.

Only last week, the FDA had sanctioned an import alert ban on Ranbaxy's Mohali plant, triggering the worst single day fall in its stock on Monday and a brokerage downgrade.

Delhi Police have filed a charge sheet against Sukesh Chandrashekhar and Leena Paul for allegedly cheating the family of ex Fortis Healthcare and Ranbaxy Lab promoters Shivinder and Malvinder Singh of over Rs 200 crore.

The two drugmakers did not give any deadline for the issues to be resolved. Kotak analysts, however, estimate Sun Pharma's Halol site - a site it had owned before the Ranbaxy deal - could be cleared by the second half of 2016.

Sun Pharma, India's largest drugmaker by sales, has reportedly asked 18 of its top executives to leave the company. The high-ranking executives earlier worked with Ranbaxy Labs, the company Sun Pharma acquired from Japan's Daiichi Sankyo in April 2014.

Sun Pharma founder Dilip Shanghvi's mother Kumud has gifted nearly 31 lakh shares in the drugmaker to her daughter-in-law Vibha, according to a regulatory filing on the Bombay Stock Exchange. The transfer took place on January 30 and is valued at Rs 280 crore according to Friday's closing price of Rs 915.95 apiece.

Ipca had voluntarily halted shipments to the United States from the plant in July last year after the FDA outlined half a dozen violations including data integrity issues.

Indian stock markets are likely to open flat on Monday as weak Japanese data led to weakness across Asian markets. Japan's Nikkei index fell nearly 2 per cent in morning trade today as the country slipped into a recession.

The Nifty opened lower on Friday as indicated by futures trade on Singapore Stock Exchange. Foreign investors continued to remain net buyers of Indian equities on Wednesday as they had bought shares worth Rs 1,031 crore in the cash market. However domestic investors were net sellers to the tune of Rs 1,205 crore.

Sun Pharma and Ranbaxy Lab rallied around 4 per cent to Rs 839.80 and Rs 627.40 respectively, whereas Glenmark Pharmaceuticals and Aurobindo Pharma were up between 4-6 per cent.

The move was likely triggered by increased drug recalls from the Halol plant, analysts say. Other analysts said an inspection was due because the US regulator had last visited the Halol plant in September 2012.

In April, Sun Pharmaceutical Industries announced it would acquire troubled rival Ranbaxy Laboratories in a $4-billion deal that includes $800 million debt. The transaction has valued Ranbaxy at 2.2 times its $1.8 billion revenue for 2013, or about Rs 457 per share.

The Nifty opened lower on Wednesday as indicated by futures trade on Singapore Stock Exchange. Both foreign and domestic investors remain net buyers of Indian shares on Monday. Foreign investors bought shares worth Rs 75 crore and domestic investors bought shares worth Rs56 crore. Stock specific action driven by earning is likely to be seen in mark...

The 'no-objection' from the two exchanges would allow the two companies to file with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun they need to consummate the transaction.

India supplies about 40 per cent of generic and over-the-counter drugs used in the United States, making it the second-biggest supplier after Canada.

Dr. Reddy's voluntary recall of lansoprazole delayed release capsules, a generic version of Swiss drugmaker Novartis' drug Prevacid 24 HR, began on January 3, 2014, the FDA said on its website.

Only last week, the FDA had sanctioned an import alert ban on Ranbaxy's Mohali plant, triggering the worst single day fall in its stock on Monday and a brokerage downgrade.