Sun Pharma decreases after increasing stake in Ranbaxy Malaysia
Shares of Sun Pharma ended lower on Friday after the drug company said it will increase its stake subsidiary Ranbaxy Malaysia to 79.5% through purchase of shares. Following the company statement the stock fell 0.87% to Rs 534.70 on BSE. It opened at Rs 541 and touched an intraday high and low of Rs 543 and 532.80.
In a filing to BSE, the company said "One of the wholly owned subsidiaries of the company has agreed to increase its stake holding in Ranbaxy Malaysia, by the way of purchase of 6,66,985 shares of face value of MYR 1 each. The total stake holding of Sun Pharma along with its wholly owned subsidiary will increase from 71.2 per cent to 79.5 per cent.”
For the quarter ended June 30, 2017, Sun Pharma reported total revenue at 1,802.52 crore and net loss stood at 1,290.99 crore.