Ranbaxy shares recover on value buying after steep falls

Shares in Ranbaxy Laboratories gain as much as 3.3 percent, after falling 26 percent over Friday and Monday following a ban by U.S. drug regulator on more of its products.

"Valuation wise, the stock looks good at these levels. It has fallen a lot and I don't think it will fall beyond 300 rupees," said Suresh Parmar, head, institutional equities at KJMC Capital Markets.

At 10:34 a.m., shares in Ranbaxy were up 2.41 percent at 316.60 rupees, outperforming the broader Nifty, which was up 0.24 percent.

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