Ranbaxy declines as its merger deal with Sun Pharma hits legal hurdle

Ranbaxy Laboratories is currently trading at Rs. 472.95, down by 10.25 points or 2.12% from its previous closing of Rs. 483.20 on the BSE. The scrip opened at Rs. 475.00 and has touched a high and low of Rs. 476.90 and Rs. 466.05 respectively. So far 114324 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 505.00 on 07-Apr-2014 and a 52 week low of Rs. 253.95 on 02-Aug-2013. Last one week high and low of the scrip stood at Rs. 488.00 and Rs. 464.00 respectively. The current market cap of the company is Rs. 20067.21 crore. The promoters holding in the company stood at 63.41% while Institutions and Non-Institutions held 20.09% and 15.02% respectively. Ranbaxy Laboratories and Sun Pharmaceutical Industries’ merger deal has hit legal hurdle after Andhra Pradesh High Court asked stock exchanges as well as Securities and Exchange Board of India (SEBI) to maintain an interim status-quo on the merger or an arrangement or an amalgamation of Sun Pharma and Ranbaxy Laboratories. The order, issued on Friday, was in response to a petition filed by some individual investors, who alleged insider trading in Ranbaxy shares before announcement of the deal on April 6. The Andhra Pradesh High Court has said that unless and until they hear this and gives a decision on this matter of an insider trading; no clearances should be given to this deal. Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies.