MUMBAI: Shares in one of India’s biggest drugmakers, Ranbaxy Laboratories, dropped 17 percent after the US Food and Drug Administration suspended imports from a fourth manufacturing facility of the firm.
The FDA said it found significant violations from the expected “good manufacturing practice” requirements at Ranbaxy’s Toansa factory in the northern state of Punjab.
The New Delhi-based drug manufacturer’s stock tumbled to 346.20 rupees from its previous close of 417.15 on the Bombay Stock Exchange.
The Toansa plant makes so-called API — active pharmaceutical ingredients — for the company’s drugs which include treatments for ailments including heart and nervous system disorders.
Toansa now joins the firm’s Mohali plant and two other facilities which have been banned by the FDA, further locking out the company from one of its biggest markets.
Violations at Toansa included staff re-testing raw materials and drugs “after those items failed analytical testing and specifications in order to produce acceptable findings,” according to the regulator.
The plant now becomes part of the FDA “consent decree” which means it cannot supply drugs for the US until the regulator reinspects the facilities and is satisfied that corrective measures have been taken.
“Appropriate management action will be taken after completion of the internal investigation,” Ranbaxy said in statement posted on the BSE website.
Japanese drugmaker Daiichi bought Ranbaxy in 2008 believing its dominance in cheap generic medicines and developing markets would help the firm grow.
But the Indian company has been a weight on Daiichi’s books ever since due to its regulatory problems.
Shares have fallen over 24 percent in the last 12 months.
Daiichi paid 737 rupees per share in 2008, more than double their current level.
The US market traditionally makes up some 40 percent of Ranbaxy’s sales.
India’s Ranbaxy hit by new ban from US drug regulator
India’s Ranbaxy hit by new ban from US drug regulator
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
