Sun Pharma shares fall over talks to buy Sweden's Meda
Zee Media Bureau
New Delhi: Sun Pharmaceutical’s share prices fell as much as 2.23 percent on Monday amidst reports that it is in talks to buy Sweden's Meda AB for over $5 billion.
Sun shares were down 2.23 percent at 11:50 a.m at the Bombay Stock exchange.
Sun shares lost ground on worries that a potential acquisition would reduce Sun Pharma's cash position and increase debt.
Sun Pharma has reported a 23.32 percent increase in consolidated net profit for the January-March quarter.
Mumbai-based Sun is India's most valuable drugmaker, with a market capitalisation of some USD 20 billion, and has made several acquisitions in recent years.
With Agency Inputs