"There has been speculation in the market due to lack of understanding and we have information that a multinational and a leading Indian company are working in concert to bring our share price down," Ranbaxy Laboratories Chairman and Managing Director Malvinder Mohan Singh told reporters in a conference call.
He accused the rivals of "trying to enter" when the company's share price is down by spreading confusion and speculation.
"I have a clear sense of what is happening. People are trying to create confusion and obviously somebody is trying to bring our price down so that they can come at a lower price," he said.
Singh, however, refused to name the rivals.
It may be recalled that Daichii Sankyo is making an open offer starting August 8 and closing on August 27 for acquiring 20 per cent of the Gurgaon-based company after agreeing to acquire promoters' 34.8 per cent stake in Ranbaxy.
Singh said the company was "collecting data from the market" on the alleged bringing down of share prices by the rival so that it could be furnished to the concerned authorities.
The company's share were trading at Rs 452.45, up 10.56 per cent in the afternoon trade on the BSE. It had plunged 14.01 per cent to Rs 409.25 yesterday.
