Merck hits record high; stock zooms 18%

The stock hit new high of Rs 2,369, rallied 57% from Rs 1,510 since April 19, after P&G Overseas India makes mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share.

Shares of Merck hit a new high of Rs 2,369 per share, up by 18% on the BSE on back of heavy volumes in otherwise weak market.

Since April 19, 2018, the stock of pharmaceutical company has zoomed 57% from Rs 1,510, after the Procter & Gamble Overseas India made mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share.

Procter & Gamble Overseas India BV together with the Procter & Gamble Company (P&G Group) set to acquire 8.6 million equity shares of Rs 10 each of Merck representing 51.80% of