Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories are trading higher by up to 3% in early morning deals after the Andhra Pradesh High Court cleared the decks for the $4-billion deal to go through by lifting the stay.
The Andhra Pradesh High Court on Saturday vacated a status quo order it had issued earlier on Sun Pharma-Ranbaxy merger process, paving the way for the pharma giants becoming a single entity, the PTI report suggests.
In order, vacation judge G Chandraiah said there was no need for the status quo, as Sebi was already inquiring into the insider-trading allegations and the process of merger was outside the purview of this probe, added report.
Ranbaxy Laboratories has surged 5% to Rs 460, while Sun Pharma gained nearly 4% to Rs 607 on the Bombay Stock Exchange.
(Source: PTI)
