Hectic trading is being witnessed in the shares of Sun Pharmaceuticals and Ranbaxy with the stocks coming under mild pressure after the Andra Pradesh High Court issued an order to the stock exchanges to maintain interim status quo on the issue of merger of the two companies.
The court order came in response to a writ petition by some individual investors alleging heavy trading in Ranbaxy shares before the merger decision was announced.
Ranbaxy shares were down by Rs 9.25 to Rs 473.90 with a huge trading volume of 10.02 lakh shares within the first two hours of of trading today. The stock opened with a gap at Rs 474 (previous close Rs 483.15) on the NSE and touched a low of Rs 465.50 before pulling back.
Sun Pharma shares are trading at Rs 632.25, down by Rs 7.20, with the counter recording trading of 5.89 lakh shares. The share had dipped to a low of Rs 622.45 before recovering. The stock had closed yesterday at Rs 639.45.