Ranbaxy could face a fresh battle over rights to anti-cholesterol drug Lipitor. American pharmaceutical company Mylan sued the Food and Drug Administration on Friday. The company wants to block Ranbaxy’s exclusive rights to sell a generic version of the drug. Lipitor was created by Pfizer. Back in 2008, Ranbaxy signed an agreement to market the drug starting on the 30th of November. The company claims it has exclusive rights to market Lipitor for a period of 180 days. Stocks of Ranbaxy plunged almost seven percent on the BSE to some Rs436.
In other news, Rajat Gupta was once the head of McKinsey and a board member at Goldman Sachs. But allegations of insider trading in the US have made things difficult from him. But on Monday he announced he had offered to resign from his post as chairman of the Indian School of Business. Gupta was one of the founders of the school back in 2001.
In politics, the Congress has forged another alliance just ahead of the upcoming assembly polls. It has concluded a seat sharing agreement with Mamata Banerjee’s Trinamool Congress for the Bengal election. Under the deal the Congress will be able to contest in just 65 of the 294 assembly seats. West Bengal will go to the polls in six phases between18 April and 10 May.
Finally, Indian stocks fell for a third straight trading day, partly because the rupee was strengthened. The Sensex lost 40 points to finish at 17,839. And the Nifty declined nine points to end at 5,365.