Zee Media Bureau
Mumbai: The benchmark BSE Sensex slipped by over 200 points in the late morning trade to fall further from its record closing high pulled down by shares of Ranbaxy which fell about 20 percent following the banned of products by US FDA.
In yet another setback for the Indian drugmaker, the US Food and Drug Association on Thursday banned Ranbaxy from distributing its products in the US that were manufactured using active pharmaceutical ingredients (API) at its Toansa plant in Punjab.
Following the ban, shares of the company fell about 16 percent in the morning trade before further declining to about 20 percent.
The 30-share barometer, which had gained over 310 points in the previous four sessions, lost 204.75 points, or 0.96 percent, to 21,1681.91 at 1125 hours.
Similarly, the wide-based National Stock Exchange index Nifty also declined by about 64 points to 6,281.50.
Brokers said besides profit-booking by funds and retail investors at record level, a weak trend on other Asian bourses tracking overnight falls on Wall Street mainly influenced the sentiment here.
