Sun Pharma, Ranbaxy shares up as court lifts stay on merger

Reuters Posted online: Monday, May 26, 2014 at 0000 hrs
Mumbai : Shares in Sun Pharmaceutical Industries and Ranbaxy Laboratories Ltd rise after an Indian court lifted a temporary stay it imposed on the acquisition of Ranbaxy by Sun Pharma, paving the way for the completion of the $3.2 billion deal.

The Andhra Pradesh High Court last month ordered an "interim status quo" on the deal, pending a decision on a petition for a probe into alleged insider trading. The petition was filed in late April by two individuals who requested that the court ask the market regulator SEBI and the two main stock exchanges to halt the deal and order a probe.

Shares in Sun Pharma gain as much as 3.88 per cent, while Ranbaxy jumps as much as 4.5 per cent.