Sun Pharma, Ranbaxy shares rise as court lifts stay on merger

Shares in Sun Pharmaceutical Industries Ltd and Ranbaxy Laboratories Ltd rise after a court lifted a temporary stay it imposed on the acquisition of Ranbaxy by Sun Pharma, paving the way for the completion of the $3.2 billion deal.

The Andhra Pradesh High Court last month ordered an "interim status quo" on the deal, pending a decision on a petition for a probe into alleged insider trading. The petition was filed in late April by two individuals who requested that the court ask the market regulator Sebi and the two main stock exchanges to halt the deal and order a probe.

Shares in Sun Pharma gain as much as 3.88 percent, while Ranbaxy jumps as much as 4.5 percent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture