Sun Pharma, Ranbaxy shares up as court lifts stay on merger
New Delhi: Shares in Sun Pharmaceutical Industries Ltd and Ranbaxy Laboratories Ltd rose 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 gained as much as 3.88 percent, while Ranbaxy jumped as much as 4.5 percent.