Sun Pharma mourns Daiichi exit

Sun Pharma is the top loser on the BSE currently. The counter is witnessing unusual spike up in volumes – up by a unbelievable 29 times though this is on the lower side – from yesterdays close of Rs.1044.10, the stock opened lower at Rs.971.10, going down to Rs.933.10 It is presently almost 1% down at Rs.941 levels.

The unprecedented surge in volumes can be explained – it was Daiichi Sankyo making its exit. It sold off its entire 8.9% stake through multiple stock deals, priced between Rs.930 to 960/share.

Daiichi has obtained stake in Sun Pharma after the merger of Ranbaxy and the process of merger of Ranbaxy with itself was completed last month.  Daiichi had taken majority stake in Ranbaxy in 2008; it had paid around Rs.22,000 crore and held 63.4%. And we will know when Sun announces its FY15 results, whether Daiichi made a profit or sale in this deal.