Pfizer and Wyeth surged by 9.28% and 20% respectively at 11:25 IST on BSE after Wyeth announced its plan to merge with Pfizer.
Wyeth was locked at upper circuit limit of 20% at Rs 776.80.
Pfizer surged 9.28% to Rs 1471.20.
The S&P BSE Sensex was down 102.41 points, or 0.49% at 20,788.41.
Wyeth had outperformed the market over the past one month till 19 November 2013, rising 14.51% compared with the Sensex's marginal rise of 0.04%. The scrip had, however, underperformed the market in past one quarter, rising 9.84% as against Sensex's 14.11% rise.
Pfizer had outperformed the market over the past one month till 19 November 2013, rising 27.47% compared with the Sensex's marginal rise of 0.04%. The scrip had also outperformed the market in past one quarter, gaining 28.20% as against Sensex's 14.11% rise.
Wyeth announced before trading hours today, 20 November 2013, that its board will meet on Saturday, 23 November 2013, to consider a scheme of amalgamation of the company with Pfizer.
The board of Pfizer will also meet on 23 November 2013, to consider the proposed amalgamation.
In the international market, Pfizer completed its acquisition of Wyeth in 2009. However, the Indian arms of both the companies remained two separately listed entities on the domestic stock exchanges.
Wyeth's net profit fell 39.2% to Rs 18.38 crore on 9.9% rise in net sales to Rs 168.76 crore in Q2 September 2013 over Q2 September 2012.
Pfizer's net profit rose 33.11% to Rs 69.59 crore on 8.60% rise in net sales to Rs 267.35 crore in Q2 September 2013 over Q2 September 2012.
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