Friday, 16 December 2016

Sensex continues to consolidate; Aurobindo, Hindalco slip 3%

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Drugmaker Aurobindo Pharma shares hit lowest in more than nine months after it was named in a lawsuit alleging it colluded with other drugmakers to fix prices of two commonly-used drugs in the United States. About 44 percent of Aurobindo's sales come from its US business. The lawsuit, filed in the US District Court for the District of Connecticut by 20 US states, also named Heritage Pharmaceuticals Inc, a company owned by India's Emcure Pharma Ltd, as a "ring leader" of the price manipulation. 

The suit pertained to commonly-used antibiotic doxycycline hyclate, and glyburide, an older drug used to treat diabetes. Others named in the suit include the world's largest generic drugs maker Teva Pharmaceuticals, Mylan NV, Citron Pharma LLC, and Australia's Mayne Pharma.

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