Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Workers arrange consumable goods as a customer (back) shops at a grocery store in Lucknow July 6, 2009. REUTERS/Pawan Kumar/Files

Workers arrange consumable goods as a customer (back) shops at a grocery store in Lucknow July 6, 2009.

Credit: Reuters/Pawan Kumar/Files

MUMBAI | Wed Jan 23, 2013 1:53pm IST

MUMBAI (Reuters) - Shares in Hindustan Unilever extend their fall on Wednesday after a number of investment banks, including Credit Suisse and Nomura, cut their ratings on slower-than-expected volume growth and a hike in royalty payments.

On Tuesday, Hindustan Unilever Ltd (HUL), India's largest consumer goods maker, reported a 16 percent jump in third-quarter net profit, and reported low volume growth and a rise in royalty payments.

At 1:53 p.m., the shares were down 4.85 percent at 457.60 rupees, after falling nearly 7 percent in trade earlier.

(Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by Sunil Nair)
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