Shares of Ranbaxy Laboratories Ltd witnessed the biggest fall in past seven years. The share of Ranbaxy fell by 11% on the Bombay Stock Exchange (BSE) on Monday. The stocks of company closed at Rs475.90 on the BSE. The stocks were trading at an all time high of Rs613.70 in last month. The shares of Japanese company Daiichi also fell to5.5% in Tokyo.

The current fall in shares is due to probe against company in US. The health agencies in US are probing the role of company in distribution of “adulterated and misbranded” medicines in the country. This probe affected the sale of company’s product in US which led to fall in share prices.

Ranbaxy has, however, termed the fraud charges by USFDA as baseless and it is going to file a case in the US District Court of Maryland on Monday. The head of pharma practice at Angel Broking, Sarabjit Kaur Nangra maintained that the on going episode will not hit the Ranbaxy-Daiichi deal. She said that FDA had also gathered over 200 random samples of various products of company in the US. These products had been independently tested by the USFDA. These tests had found all products complying with all the specifications.

The company has said in a press release that Ranbaxy is committed to provide its excellent services in US. It will carry on it efforts to provide its quality generic medicines at affordable prices to its customers and patients in the United States.