Ranbaxy Labs spurted 20.73 per cent to Rs 266.7 on reconstitution of the company’s executive leadership. Tsutomu Une takes over as chairman and Atul Sobti as the new chief executive and managing director for three years.
The former promoter, Malvinder Singh, submitted his resignation to clear the way for Tsutomu and Sobti. The stock opened at the lowest point of the day at Rs 223 and hit an intraday high of Rs 273.35. A total of 6100,000 shares changed hands today (about 9 times higher than its two-week average).
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