At the day's low of Rs 526.10, the stock declined nearly 1% before the company made this announcement during trading hours.
Meanwhile, the BSE Sensex was down 55.37 points, or 0.33%, to 16,662.72.
On BSE, 2.36 lakh shares were traded in the counter as against an average daily volume of 4.77 lakh shares in the past one quarter.
The stock hit a high of Rs 538 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 526.10 so far during the day. The stock had hit a 52-week low of Rs 133.15 on 12 March 2009.
The large-cap stock had outperformed the market over the past one month till 18 December 2009, rising 25.28% as compared to the Sensex's 1.64% fall. It had also outperformed the market in the past one quarter, surging 46.92% as compared to the Sensex's decline of 0.13%.
The company's equity capital is Rs 210.21 crore. Face value per share is Rs 5.
The current price of Rs 534.85 discounts the company's Q3 September 2009 annualized EPS of Rs 17.71, by a PE multiple of 30.20.
Olmesartan medoxomil is an anti-hypertensive drug and is originally discovered by Daiichi Sankyo. The company will launch the products under the brand name Olvance after necessary approvals, Ranbaxy said in a filing with BSE.
Ranbaxy, last month, launched a generic version of GlaxoSmithKline's Valtrex in the United States with a 180-day marketing exclusivity.
In November 2009, Ranbaxy Laboratories received US Food & Drug Administration approval for Acetaminophen tablets in 650-miligram strengths for over the counter sales. Acetaminophen is the generic version of McNeil Cons' Tylenol.
Ranbaxy Laboratories reported net profit of Rs 186.08 crore in Q3 September 2009 as compared to net loss of Rs 352.93 crore in Q3 September 2008. Net sales rose 3.8% to Rs 1189.60 crore in Q3 September 2009 over Q3 September 2008.
Ranbaxy Laboratories manufactures and markets, generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active pharmaceuticals and intermediates.