Ranbaxy labs stock surged in early trades after reports came out that the troubled drug major along with its rival Israeli Teva pharmaceutical are set to settle a case in the United States alleging signing an unlawful agreement to stall competition, according to a media report.
The stock is currently trading at Rs 364.80, up 4.27% in afternoon deals. It touched a high of Rs 367 and a low of 355.05 on the Bombay Stock Exchange (BSE) during the day.
According to reports, terms of the settlement stipulate the two generic manufacturers will end a 2010 agreement of not challenging each other's rights to sell certain drugs exclusively in the United States.
New York Attorney General Eric Schneiderman plans to announce the settlement Wednesday, said reports.
Teva and Ranbaxy will pay the New York state $300,000 and have agreed to refrain from similar agreements in the future.
As of 1445hrs, a total of 56,03,884 shares changed hands on both BSE and NSE against its 10-day average of 46,13,605.
The stock is currently trading at Rs 364.80, up 4.27% in afternoon deals. It touched a high of Rs 367 and a low of 355.05 on the Bombay Stock Exchange (BSE) during the day.
According to reports, terms of the settlement stipulate the two generic manufacturers will end a 2010 agreement of not challenging each other's rights to sell certain drugs exclusively in the United States.
New York Attorney General Eric Schneiderman plans to announce the settlement Wednesday, said reports.
Teva and Ranbaxy will pay the New York state $300,000 and have agreed to refrain from similar agreements in the future.
As of 1445hrs, a total of 56,03,884 shares changed hands on both BSE and NSE against its 10-day average of 46,13,605.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%