Ranbaxy recovers despite selling pressure

DALAL STREET SPIKES

Ranbaxy ended marginally higher amid huge volatility. The scrip recovered as much as 7.5 per cent from its intra-day low of Rs 998 to an intra-day high of Rs 1,149.

Dealing room sources said, the stock witnessed aggressive selling pressure in the morning trade ahead of the company's quarterly results.

Pharma companies are expected to announce their quarterly numbers soon, with domestic pharma major Cipla announcing its numbers on Tuesday.

An institutional dealer said, there is apprehension in the market that pharma counters are no more a defensive play. The stock closed at Rs 1,072 with more than 3.9 lakh shares traded on BSE.

Pharma stocks has been under selling pressure of late after the government decided to impose 16 per cent exercise duty on the MRP.

Analyst said, this will have an impact on the topline as well as the bottomline of pharma companies.