Mumbai: Shares of Ranbaxy Lab and Sun Pharma Tuesday gained up to 3.5 percent at close after the competition watchdog CCI cleared their long-pending USD 4-billion merger, though with riders.
Ranbaxy Lab settled 3.49 percent higher at Rs 647 on the BSE. During the day, the scrip climbed 4.36 percent to Rs 652.50.
Shares of Sun Pharma rose by 1.46 percent to end at Rs 840.90. In intra-day, it gained 3 percent to Rs 854.
Sun Pharma and Ranbaxy yesterday got CCI's approval for their long-pending USD 4-billion merger, but with a condition that they will have to modify the deal by divesting seven key products to address monopoly concerns.
The regulator, which has ordered Ranbaxy to sell six products and Sun to divest one, will also appoint a monitoring committee to oversee compliance to the conditions put forth by it to ensure the merger does not hit competition.
