Venus Remedies said that in reference to the downgrading of external rating by CRISIL, the company had availed a major part of the term loans for its ongoing research and development activities.

The company has been consequently awarded with European and other regulated geographies "GMP" certifications for its manufacturing plants. These unstinted efforts have resulted in the company having more than 100 patents globally, besides a steady pipeline of products by Venus Medicine Research Centre.

The commercial outcome of these Initiatives is that the company has been able to make prestigious International Tie ups for its research products with some of the best pharmaceutical companies of the worId.

Negotiations are also continuing for out licensing at advanced stages to some block buster products. The gestation period for the research and its commercialization is long as compared to the period for normal business activities

Shares of the company declined Rs 75.7, or 20%, to settle at Rs 302.80. The total volume of shares traded was 1,080,259 at the BSE (Tuesday).