Ranbaxy News

Police have invoked MCOCA Act against accused. Paul allegedly helped Sukesh Chandrasekhar for the crime. An FIR was registered on August 7.

Malvinder Mohan Singh, who was arrested on Thursday, had earlier today moved the court seeking quashing of the case registered against him. The EOW has also arrested his brother Shivinder, Sunil Godhwani, who is a former MD of Religare, Kavi Arora and Sunil Saxena in a separate case.

It may be recalled that Shivinder Mohan Singh and Malvinder Mohan Singh were booked by Economics Offence Wing of Delhi Police in March 2019 on charges of cheating, criminal conspiracy and breach of trust related to Religare Enterprises and its subsidiary Religare Finvest Limited (RFL).

Singh brothers were booked in March on charges of cheating, criminal conspiracy and breach of trust related to Religare Enterprises and its subsidiary Religare Finvest Limited (RFL).

The court was hearing a petition filed by Daiichi Sankyo, which is seeking to recover Rs 3,500 crore awarded to it in an arbitration by a Singapore tribunal against the Ranbaxy brothers.

The bench asked the Singh brothers to appear before it on March 28 and submit the plan.

Prices may come down of 56 important medicines used in treatment of cancer, diabetes, bacterial infections and high blood pressure, with the government fixing their ceiling prices under the drug pricing control mechanism.

The lawsuit challenged FDA's revocation of Ranbaxy's tentative approvals for its generic versions of Nexium and Valcyte in the US.

Shares of Strides Arcolab rose by 4 percent Monday as it entered into a pact with Sun Pharma to buy from it erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India for Rs 165 crore.  

Sun Pharmaceutical Industries Ltd is selling erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India to Strides Arcolab for Rs 165 crore.  

The broader 50-share NSE Nifty opened higher at 8,601.50 and fluctuated between a high of 8,646.75 and low of 8,517.90 before ending at 8,529.45, a sharp fall of 74 points, or 0.86 percent.

This comes after a year after the Dilip Shanghvi-led firm acquired Ranbaxy in an all-stock deal and the company's Q4 profits shrank 44 per cent due to costs incurred in assimilating the buyout.

The Mumbai-based drug major, which acquired Ranbaxy in a USD 4 billion deal, feels it is important for the merged entity to "re-establish" the trust between Ranbaxy and the US Food and Drug Administration (USFDA).

The company, which had forayed into the growing Indian pharmaceutical market by buying a majority stake in Ranbaxy Laboratories in 2008 for Rs 22,000 crore, sold over 21 crore shares in Sun Pharma.

Shares of Sun Pharmaceutical on Tuesday plunged nearly 11 percent after Japan's Daiichi Sankyo announced selling its entire holding in the Indian drug major for an estimated Rs 20,420 crore.

Shares of Sun Pharmaceutical Industries Ltd slumped as much as 10.9 percent on Tuesday, heading towards their biggest daily fall since June 2009 after Japan`s Daiichi Sankyo Co Ltd started selling its stake in the Indian drugmaker.

The 50-share NSE Nifty also rose by 95.25 points or 1.12 percent, to 8,586.25 after hitting today's high of 8,603.40.

The BSE has decided to delist Ranbaxy scrip from S&P BSE 100, S&P BSE 200, S&P BSE 500, S&P BSE Healthcare and S&P BSE Carbonex indices from April 6.

At the end of today's trade, Sun Pharmaceutical Industries ended at Rs 1,039.85, up 1.55 percent and Ranbaxy Laboratories closed at Rs 819.55 apiece, up 1.86 percent.

Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories today settled in the positive territory after regulatory nods paved the way for completion of their USD 4-billion merger.