Ranbaxy Ratings Cut After FDA Restricts Imports to U.S.

Ranbaxy Laboratories Ltd. had its rating cut by at least seven brokerages after plans to sell generic versions of two blockbuster pills were frustrated by import restrictions placed on a third Indian production plant.

Recommendations on the stock were lowered by brokerages including Jefferies LLC, HSBC Holdings Plc, and Edelweiss Securities Ltd. after the Food and Drug Administration issued an import alert against a Ranbaxy facility in Mohali, Punjab state, causing the shares to plunge 30 percent yesterday.