Sun Pharma falls on reported plans to buy Sweden's Meda

MUMBAI (Reuters) - Shares in Sun Pharmaceutical Industries Ltd fell as much as 2.3 percent on Monday on media reports the company is in talks to buy Sweden's Meda AB for between $5 billion and $6 billion.

Sun is in talks with a clutch of banks to raise funds for a possible deal, sources with direct knowledge told Reuters on Friday, declining to be identified. They did not say how far the discussions had advanced, or how likely it was that a deal would be reached.

Sun shares lost ground on worries that a potential acquisition would reduce Sun Pharma's cash position and increase debt. Sun shares were down 1.7 percent at 10:50 a.m.

 

(Reporting by Abhishek Vishnoi; Editing by Jijo Jacob)