Brokers' group to ask Sebi to probe Ranbaxy trades

The president of a brokerage association is planning to formally request that market regulator Sebi investigate trading in Ranbaxy Laboratories Ltd shares in the days leading up to its acquisition by Sun Pharmaceutical Industries.

Ranbaxy shares surged 24 percent in the three trading sessions leading up to the announcement on Monday that Sun Pharmaceutical had agreed to buy Ranbaxy for $3.2 billion.

"Because there was such kind of price movement before the deal was announced, we have decided to check with the regulator," Naresh Tejwani, president of the Association of National Exchanges Members of India (ANMI) said on Wednesday.

"We will write to them by the end of the day to investigate into the matter."

A Ranbaxy spokesman declined to comment.

A spokesman for market regulator Securities and Exchange Board of India also declined to comment.

Sun Pharmaceutical did not immediately respond to requests for comment.

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E-mail ID will not be published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.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture