Indian stocks fell, led by Ranbaxy Laboratories Ltd., the nation’s biggest drugmaker, after U.S. regulators censured the company for allegedly falsifying data about the shelf life of some products.
Ranbaxy dropped 13 percent, the most in four months. DLF Ltd., the nation’s biggest developer, declined 4.7 percent after it said tax authorities were to probe its accounts.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, slid 64.59, or 0.7 percent, to 8,837.97 as of 10:12 a.m. local time. The S&P CNX Nifty Index on the National Stock Exchange declined 0.6 percent to 2,745.65. The BSE 200 Index fell 0.5 percent to 1,040.15. S&P CNX Nifty futures for February delivery declined 0.4 percent to 2,746.80.
Larsen & Toubro Ltd., the country’s largest engineering company, rose after saying it won new orders for construction of factories and residential projects.
Ranbaxy dropped 13 percent to 180 rupees, the most since Oct. 24. The U.S. Food and Drug Administration said it would not allow the introduction of new generic drugs made at Ranbaxy’s Paonta Sahib facility.
DLF fell 4.7 percent to 147.4 rupees, its lowest in almost two weeks. It said authorities were to carry out an assessment of its accounts after S.S. Palanimanickam, the junior finance minister, told parliament yesterday the income tax department was auditing the company. The government is examining a special audit report for the assessment year 2006-2007, Palanimanickam told parliament in response to a question from a lawmaker.
Larsen gained 1.6 percent to 621.85 rupees, the most since Feb. 13, after winning orders worth 11.62 billion rupees ($230 million) for construction projects for the quarter ending March 31.
Overseas investors sold a net 3.92 billion rupees of Indian stocks on Feb. 24, according to the nation’s market regulator.
Ranbaxy dropped 13 percent, the most in four months. DLF Ltd., the nation’s biggest developer, declined 4.7 percent after it said tax authorities were to probe its accounts.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, slid 64.59, or 0.7 percent, to 8,837.97 as of 10:12 a.m. local time. The S&P CNX Nifty Index on the National Stock Exchange declined 0.6 percent to 2,745.65. The BSE 200 Index fell 0.5 percent to 1,040.15. S&P CNX Nifty futures for February delivery declined 0.4 percent to 2,746.80.
Larsen & Toubro Ltd., the country’s largest engineering company, rose after saying it won new orders for construction of factories and residential projects.
Ranbaxy dropped 13 percent to 180 rupees, the most since Oct. 24. The U.S. Food and Drug Administration said it would not allow the introduction of new generic drugs made at Ranbaxy’s Paonta Sahib facility.
DLF fell 4.7 percent to 147.4 rupees, its lowest in almost two weeks. It said authorities were to carry out an assessment of its accounts after S.S. Palanimanickam, the junior finance minister, told parliament yesterday the income tax department was auditing the company. The government is examining a special audit report for the assessment year 2006-2007, Palanimanickam told parliament in response to a question from a lawmaker.
Larsen gained 1.6 percent to 621.85 rupees, the most since Feb. 13, after winning orders worth 11.62 billion rupees ($230 million) for construction projects for the quarter ending March 31.
Overseas investors sold a net 3.92 billion rupees of Indian stocks on Feb. 24, according to the nation’s market regulator.
Article Source:http://www.bloomberg.com/apps/news?pid=20601091&sid=atG3ubHVZDWI&refer=india
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