Shares of Ranbaxy Laboratories and Sun Pharmaceutical Industries are trading lower by up to 2% in an otherwise firm market after Andhra Pradesh High Court asked stock exchanges as well as Securities and Exchange Board of India (Sebi) to maintain an interim status-quo on the merger or an arrangement or an amalgamation of Sun Pharma and Ranbaxy Laboratories.
Ranbaxy Laboratories is trading lower by 2% at Rs 475 on the NSE. The stock opened at Rs 475 and touched a low of Rs 465 so far. Sun Pharma too, down 1% at Rs 634, after hitting low of Rs 622 in early morning deals on the NSE.
The order, issued on Friday, was in response to a petition filed by some individual investors, who alleged insider trading in Ranbaxy shares before announcement of the deal on April 6.
The Andhra Pradesh High Court has said that unless and until they hear this and gives a decision on this matter of an insider trading; no clearances should be given to this deal.
When the insider trading issues were talked about earlier, Sun Pharma claimed that they were not involved and they had not violated any rules. The company, maintained that they have not violated any of the insider trading regulations in the purchase of Ranbaxy shares and that the company holds the code of conduct for share purchase.
Ranbaxy Laboratories is trading lower by 2% at Rs 475 on the NSE. The stock opened at Rs 475 and touched a low of Rs 465 so far. Sun Pharma too, down 1% at Rs 634, after hitting low of Rs 622 in early morning deals on the NSE.
The order, issued on Friday, was in response to a petition filed by some individual investors, who alleged insider trading in Ranbaxy shares before announcement of the deal on April 6.
The Andhra Pradesh High Court has said that unless and until they hear this and gives a decision on this matter of an insider trading; no clearances should be given to this deal.
When the insider trading issues were talked about earlier, Sun Pharma claimed that they were not involved and they had not violated any rules. The company, maintained that they have not violated any of the insider trading regulations in the purchase of Ranbaxy shares and that the company holds the code of conduct for share purchase.
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%