Ranbaxy Lab, Sun Pharma gain up to 3.5 per cent as CCI clears deal

MUMBAI: Shares of Ranbaxy Lab and Sun Pharma today gained up to 3.5 per cent at close after the competition watchdog CCI cleared their long-pending $4-billion merger, though with riders.

Ranbaxy Lab settled 3.49 per cent higher at Rs 647 on the BSE. During the day, the scrip climbed 4.36 per cent to Rs 652.50.

Shares of Sun Pharma rose by 1.46 per cent to end at Rs 840.90. In intra-day, it gained 3 per cent to Rs 854.

Sun Pharma and Ranbaxy yesterday got CCI's approval for their long-pending $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.