Aurobindo Pharma opened almost 5% higher at Rs.714, going on to hit an intraday high at Rs.725.90. It has come off the high since then and is now trading at Rs.689 levels.
The market seems to be very relieved with the company’s decision to cancel its Rs 450-crore deal to acquire 51% stake in Cronus Pharma Specialities India Pvt Ltd (Cronus).
Cronus is a generic veterinary pharmaceutical products firm engaged in development, manufacturing and sale of these items and Aurobindo had announced some 10-12 days ago that it plans to acquire this company.
Though the company cited no reasons for this deal cancellation, market is mighty relieved.