Mumbai: Shares of Sun Pharmaceutical Wednesday recovered nearly 2 percent to close at Rs 967.15 on BSE a day after the stock took a severe beating following Daiichi Sankyo selling its entire 9 percent stake in the company for Rs 20,025 crore.
The stock jumped 2.84 percent during the day trade before settling 1.63 percent higher at Rs 967.15 on BSE. At the NSE, the scrip gained 1.63 percent to end at Rs 967.80.
The stock had fallen by 9 percent yesterday.
In terms of volume, 10.81 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.
Shares were sold through numerous block deals in stock markets, including to an investment arm of the Singapore Government and foreign fund houses Goldman Sachs and Aranda Investment.
Daiichi, which had forayed into the growing Indian pharmaceutical market by buying a majority stake in Ranbaxy Laboratories in 2008 for Rs 22,000 crore from the company's then promoters Malvinder and Shivinder Mohan Singh, sold a total of over 21 crore shares in Sun Pharma.
In a statement Daiichi had said: "The sale of Sun Pharma shares has been completed" and it no more holds any stake.
As per the stock exchange data Daiichi sold the shares at a price of Rs 931.58 each, netting Rs 20,025 crore.
Among the buyers, Government of Singapore purchased 1.26 crore shares for Rs 1,174 crore, Goldman Sachs Singapore picked up 5.12 crore shares for Rs 4,764 crore, while Aranda Investment Mauritius Pte Ltd bought over 2 crore shares for Rs 1,875 crore.
Last month, Sun Pharma had announced completion of merger of Ranbaxy with itself, almost a year after announcing the USD 4-billion deal.
Sun Pharmaceutical today said its promoter and Managing Director Dilip Shanghvi did not buy shares of the company sold by the Japanese drugmaker Daiichi Sankyo.
The company was clarifying on speculations that Sanghvi, who holds 9.61 percent stake in Sun Pharma, had bought shares when Daiichi Sankyo exited from the Indian firm.
