Shares of pharma major Ranbaxy slumped more than 6 percent to hit a near 4-year low of Rs 342.75 on NSE on Tuesday.
The company, now owned by Japan's Daiichi Sankyo, last month pleaded guilty to felony charges in the US related to two of its manufacturing plants in India -- Dewas in Madhya Pradesh and Paonta Sahib in HImachal Pradesh.
Now the Supreme Court in India on June 24 will hear a petition seeking a probe against the company for allegedly manufacturing adulterated medicines, which has further got the street worried.
The Supreme Court had earlier sought more details/proof over the petitioner's allegations. Now the court has agreed to hear the PIL (public interest litigation), which could throw open more can of worms, analysts say.
Apart from this case, there were also reports earlier this month that the Drug Controller General of India will inspect the Dewas and Paonta Sahib to check if it follows proper manufacturing practises under Indian laws.
Further, the recent sharp rupee depreciation is also likely to bring more pain for Ranbaxy, rather than any benefits.
The company had already provisioned in FY13 to a pay USD 500 million fine in the United States, but the provision was at around Rs 50 per US Dollar. It has depreciated to Rs 57-58 now, so it will lose more, points out an analyst at a local brokerage.
That payout according to a CNBC-TV18 report is expected in the current quarter and net debt post the payout will be around USD 670 million.
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Also the Rupee depreciation will be offset by loss on overseas options derivatives worth USD 962 million, which expire over two years, the CNBC-TV18 report added.
Some analysts say the company could take a hit of USD 1 billion in the US market, as apart from the USD 500 million fine, the two plants remained closed and new launches were also impacted.
Ranbaxy shares closed down 3.5 percent at Rs 352.80 on NSE. The stock is already down 25 percent over the last one month.
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