Shares in Ranbaxy Laboratories jumped 5% on buying at lower levels and short covering. The stock was last quoted at Rs 331, as against its previous close of Rs 318 on the National Stock Exchange.
The shares of Ranbaxy had slumped as much as 30% on Monday after reports of an FDA alert on the company for its Mohali Plant. The company, however, said that it had received no communication from the US FDA.
This is the third plant of the company that has been hit by an FDA alert. Ranbaxy Labs derives a significant amount of revenues from the US.
Several foreign and domestic brokerages have downgraded the stock following the US FDA alert.
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