Indian Court Temporarily Stalls Sun Pharma’s Ranbaxy Deal
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An Indian court temporarily stalled Sun Pharmaceutical Industries Ltd.’s $3.2 billion purchase of Ranbaxy Laboratories Ltd. as it considers a petition alleging insider trading.
Admitting a writ petition filed by a group of investors seeking a probe by the Securities and Exchange Board of India into any insider trading in Ranbaxy shares, the Andhra Pradesh High Court ordered an “interim status quo” according to a copy of the order obtained by Bloomberg News.