Sun Pharmaceutical Industries shed 0.44% to Rs 858 at 10:06 IST on BSE after the company received a communication from Competition Commission of India with respect to merger with Ranbaxy Laboratories.
Shares of Ranbaxy Laboratories fell 0.57% to Rs 645.
Meanwhile, the BSE Sensex was up 90.73 points, or 0.32%, to 26,644.62
On BSE, so far 18,815 shares were traded in the Sun Pharmaceutical Industries counter, compared with an average volume of 1.57 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 0.19% at the day's high of Rs 863.45 so far during the day. The stock fell as much as 0.55% at the day's low of Rs 857 so far during the day. The stock hit a record high of Rs 875 on 26 August 2014. The stock hit a 52-week low of Rs 476.45 on 28 August 2013.
The stock had outperformed the market over the past one month till 27 August 2014, rising 10.59% compared with 1.66% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 45.51% as against Sensex's 8.19% rise.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries and Ranbaxy Laboratories after market hours on Wednesday, 27 August 2014 said that they received direction under Section 29(2) of the Competition Act, 2002 from Competition Commission of India (CCI), directing them to publish the details of their proposed combination within 10 working days from 27 August 2014 in Form IV contained in Schedule II to the Combination Regulations.
In April 2014, Sun Pharmaceutical Industries had acquired Ranbaxy Laboratories in $4 billion landmark transaction. Under the terms of the deal, shareholders of Ranbaxy will receive four shares of Sun Pharma for every five shares they hold.
Sun Pharmaceutical Industries reported net profit of Rs 1390.51 crore in Q1 June 2014 as compared to net loss of Rs 1276.10 crore in Q1 June 2013. Total income rose 12.6% to Rs 4027.96 crore in Q1 June 2014 over Q1 June 2013.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company with over 75% sales from global markets. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in US, India and several other markets across the world. For the year ending March 2014, overall revenues were at $2.7 billion, of which US contributed $1.6 billion. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics, and ophthalmology. The company has strong skills in product development, process chemistry, and manufacturing of complex dosage forms.
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