US: Ranbaxy shares down on $ 500 mn fine

Mumbai: Ranbaxy Laboratories Ltd shares were down over 1 per cent in early trade on Tuesday after the generic drugmaker pleaded guilty to US felony charges related to drug safety and will pay $500 million in civil and criminal fines.

The settlement is its largest-ever with a generic drugmaker over drug safety, according to the US government.

Ranbaxy USA pleaded guilty to three felony counts related to the manufacture of drugs at two Indian locations that did not meet safety standards and to four counts of making material false statements.