Like the body in the coffin that was never so well-dressed in life, Ranbaxy Laboratories never looked so good on its final day on the Bombay Stock Exchange. It closed out the day having traded at its all-time high before finishing with a 5.63% gain.
Earlier on its last day, Ranbaxy shares gained 6.74% at one point, its 52-week high. As of April 6, the company will no longer be listed on the BSE or the National Stock Exchange of India.
Ranbaxy was bought by Sun Pharmaceuticals for $4 billion in a deal that was completed only days earlier. Sun said its first act would be to delist Ranbaxy from the exchanges as of April 1. At the end of Ranbaxy's last day, it had gained higher than its buyer, which registered a 5.51% gain for the day.
Ranbaxy is expected to disappear as a company over the coming months and years. But it will leave behind some litigation, including its recent appeal of a case it brought against the U.S. FDA over a withdrawal of exclusivity for two of its drugs.
- here's the story from the Economic Times