Sun Pharma, Ranbaxy decline in volatile trade

Sun Pharmaceutical Industries and Ranbaxy Laboratories fell 0.89% to 0.94% at 12:21 IST on BSE after the Competition Commission of India said that the merger deal of the two pharma companies may hurt competition.

Shares of Sun Pharmaceutical Industries fell 0.94% to Rs 856.50. The stock hit high of Rs 870 and low of Rs 854 so far during the day.

Shares of Ranbaxy Laboratories shed 0.89% at Rs 650.10. The stock hit high of Rs 660.40 and low of Rs 648 so far during the day.

Meanwhile, the S&P BSE Sensex was down 101.65 points, or 0.38%, to 26,984.28

Competition Commission of India (CCI) on Thursday, 4 September 2014, said that it has directed Sun Pharmaceutical Industries and Ranbaxy Laboratories to publish details of the merger within ten working days for bringing the combination to the knowledge or information of the public and persons affected or likely to be affected by such combination. CCI has also invited comments from anyone adversely affected or likely to be affected by the merger of the two pharma majors.

In April 2014, Sun Pharmaceutical Industries had acquired Ranbaxy Laboratories in $4 billion landmark transaction. Under the terms of the deal, shareholders of Ranbaxy Laboratories will receive four shares of Sun Pharmaceutical Industries for every five shares held.

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