Teva no Longer Largest Company on TASE After U.S. Legal Troubles Sink Stock

Teva Pharmaceutical Industries Ltd. is no longer the largest company in terms of market capitalization on the Tel Aviv Stock Exchange. The Israeli drugmaker closed 10.7% down on the exchange on Sunday, after 44 U.S. states filed lawsuits on Friday against former and current executives of several generic drugmakers, including Teva, alleging all were part of a drug price-fixing cartel.

After Teva's NIS 50.974 billion ($14.29 billion) market capitalization caused it to fall to second place, International Flavors & Fragrances (IFF) is now the largest company on the Israeli exchange, with a market cap of NIS 51.508 billion ($14.44). NYSE-listed IFF listed on the exchange in October following its $7.1 billion acquisition of Israel-headquartered flavor and fragrance company Frutarom Industries Ltd.