Emerging-market stocks tumbled the most in 10 months and currencies depreciated as disappointing Chinese manufacturing data and speculation the Federal Reserve will scale back stimulus cut demand for riskier assets.
Ranbaxy Laboratories Ltd., India’s biggest drugmaker, fell the most in two years in Mumbai trading after Japanese parent Daiichi Sankyo Co. said it was pursuing “legal remedies” against former shareholders for hiding information relating to U.S. investigations of the company.
India’s health ministry has asked the nation’s drug regulator to review U.S. court documents that alleged Ranbaxy Laboratories Ltd. sold adulterated drugs, according to a ministry official familiar with the matter.
Ranbaxy Laboratories Ltd., the Indian drugmaker whose exports to the U.S. were restricted after a fraud investigation, may revive sales to its biggest market after resolving the charges that it sold adulterated medication.
Ranbaxy Laboratories Ltd. agreed to pay $500 million to resolve fraud allegations made in a whistle- blower’s lawsuit and federal criminal charges that the company sold adulterated drugs and lied about it to U.S. regulators.
Daiichi Sankyo Co., the worst performer on Japan’s Topix Pharmaceutical Index last year, said nine-month profit almost tripled from a year earlier, when net income was eroded by a provision to settle a legal dispute.
Apotex Inc. asked a judge to rule that its plan to market a generic version of the blood-pressure medicine Benicar won’t infringe patent rights held by drugmaker Daiichi Sankyo Co. or its American unit.