UBS upgrades Ranbaxy Laboratories shares' rating to 'buy' from 'sell'

Jul 29 2013, 12:54 IST
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Ranbaxy Laboratories. (Reuters) Ranbaxy Laboratories. (Reuters)
SummaryRanbaxy shares have fallen more than 30 percent since May.

UBS upgrades India's Ranbaxy Laboratories shares to "buy" from "sell", saying valuations have turned "attractive" after a recent sharp decline in shares on regulatory concerns.

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Ranbaxy shares have fallen more than 30 percent since May when the company pled guilty to felony charges related to manufacturing practices and for falsifying data in a $500 million settlement with the U.S. Department of Justice.

UBS says it does not expect Ranbaxy to face further disruption in the U.S. Business and expressed confidence that the drugmaker is taking steps to boost profitability and margins, especially in the U.S. Market.

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Ranbaxy shares are down 2.9 percent, underperforming a 0.5 percent fall in the NSE index, as the stock continues to be hit by concerns it will face additional U.S. regulatory scrutiny.

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