The stock erased all its gains and ended in the negative. The stock settled at Rs 495, down 2% from its previous close. The counter clocked volumes of 1.87 lakh shares on the BSE.
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(Updated at 0925hrs)
Ranbaxy has firmed up after acquiring Biovel Lifesciences, a Bangalore-based biotech company making typhoid and influenza vaccines, for an undisclosed sum. The stock is trading at Rs 510, higher by Rs 6 or 1.2%, on the BSE.
The shares had opened at Rs 506, and have touched a high of Rs 512 and a low of Rs 506 thus far.
Biovel has been working on biotechnology products in segments such as cardiology, endocrinology, oncology, dermatology and gynaecology. With this purchase, India’s biggest drug maker Ranbaxy would make an entry into the vaccine business.
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