Sun Pharmaceutical Industries Ltd.

The Andhra Pradesh High Court has reportedly ordered an interim status quo on the $4 billion deal between Sun Pharma and Ranbaxy Laboratories. The order was in response to a petition filed by some individual investors, who alleged insider trading in Ranbaxy shares.

The petitioner is seeking action against Sun Pharma and its wholly-owned arm Silverstreet Developers LLP. Sun Pharma had earlier announced that its subsidiary’s share purchase was being annulled as part of the merger deal.

Further, the court has issued notices to SEBI, BSE, NSE, and the three companies (Sun Pharma, Silverstreet and Ranbaxy) to respond to the petitioners’ charges.

Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.