Ranbaxy labs stock surged in early trades after reports came out that the troubled drug major along with its rival Israeli Teva pharmaceutical are set to settle a case in the United States alleging signing an unlawful agreement to stall competition, according to a media report.
The stock is currently trading at Rs 364.80, up 4.27% in afternoon deals. It touched a high of Rs 367 and a low of 355.05 on the Bombay Stock Exchange (BSE) during the day.
According to reports, terms of the settlement stipulate the two generic manufacturers will end a 2010 agreement of not challenging each other's rights to sell certain drugs exclusively in the United States.
Teva and Ranbaxy will pay the New York state $300,000 and have agreed to refrain from similar agreements in the future.
As of 1445hrs, a total of 56,03,884 shares changed hands on both BSE and NSE against its 10-day average of 46,13,605.
The stock is currently trading at Rs 364.80, up 4.27% in afternoon deals. It touched a high of Rs 367 and a low of 355.05 on the Bombay Stock Exchange (BSE) during the day.
According to reports, terms of the settlement stipulate the two generic manufacturers will end a 2010 agreement of not challenging each other's rights to sell certain drugs exclusively in the United States.
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New York Attorney General Eric Schneiderman plans to announce the settlement Wednesday, said reports.
Teva and Ranbaxy will pay the New York state $300,000 and have agreed to refrain from similar agreements in the future.
As of 1445hrs, a total of 56,03,884 shares changed hands on both BSE and NSE against its 10-day average of 46,13,605.