Reversing the initial gains, shares of Sun Pharmaceutical fell nearly 1 per cent after the company announced that it will acquire a branded oncology product, Odomzo, from Novartis.
On BSE, the stock closed at Rs 609.20, down 0.85 per cent from the previous close. After opening at Rs 614.50, it had climbed 1.71 per cent to an intra-day high of Rs 624.90.
The scrip slipped 0.76 per cent to close at Rs 609.80 on NSE. It had opened at Rs 616.25 and rose 1.72 per cent to an intra-day high of Rs 625.
On the volume front, over 60 lakh shares were traded on the bourses.
The shares of Sun Pharmaceutical Industries were trading in green in early trade after the company said in a BSE filing that it will acquire a branded oncology product, Odomzo, from Novartis for an upfront payment of USD 175 million.
The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions, the Mumbai-based company had said in a statement.
However the company could not sustain the initial gains, which were made following the disclosure, and ended the day in red.
The benchmark Sensex ended the day at 25,979.60, down one per cent from its previous close.
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