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July 15, 2008 18:31 IST
Ranbaxy [Get Quote] plummeted for the second day in row on BSE on Tuesday with its shares closing a whopping over 14 per cent amid the US Department of Justice filing a motion against the company in a district court of Maryland alleging fraudulent activities.
Ranbaxy settled the day at Rs 409.25, down 14.01 per cent, or Rs 66.65, from its last close.
It touched an an intra-day low of Rs 402.50, lower by over 15 per cent from its previous close after opening at Rs 478, its intra-day high.
Meanwhile, shareholders of Ranbaxy Laboratories on Tuesday approved allotment of over seven crore securities on preferential basis to Japanese drug maker Daiichi Sankyo amid uncertainties facing the drug major in the US.
Last month, Ranbaxy had entered into a share purchase agreement with Daiichi Sankyo to sell off promoters' entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore (Rs 95.76 billion).
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