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February 21, 2007 17:37 IST
The shares of Ranbaxy Laboratories fell 3.3 per cent on the bourses on Wednesday amid speculation the promoters of the country's top drugmaker were planning to dilute their stake, but the company denied any such move.
Ranbaxy shares opened at Rs 396 and hit an intra-day high of Rs 402, before losing steam to touch a low of Rs 381 per share.
The scrip finally recovered to Rs 382.50 at the close of trading session. Overall, the shares lost thirteen rupees or 3.29 per cent as 4.42 lakh shares changed hands on Bombay Stock Exchange.
The scrip movement of Ranbaxy was on the back of reports that the promoters - Malvinder and Shivinder Singh and their families - were selling stake, which was subsequently denied by the company saying it was 'completely untrue and misleading'.
"The promoters strongly deny any plan or move on their part to sell any portion of their equity stakes in the company to any private equity firm or to any others," a Ranbaxy statement said.
There have been speculation over the company's plans to raise funds to finance its bid for Merck's generics business. The company is likely to submit its bid for the Merck's business by the end of this month. It is currently giving final touches to the formation of a special purpose vehicle for the acquisition.
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