Though the merger ratio is in favour of Dr Reddy s Lab, both the scrips are on the downward journey. It seems the market is not at all happy with the merger news itself. Ajanta Pharma which had come out with public issue recently at a price of Rs 225 per share got listed at BSE today. Though the scrip opened at Rs 237, heavy selling saw the scrip plummeting below Rs 200 mark and closed at Rs 180. Thus the scrip joined the club of its predecessors like Cadila Healthcare and Elder Pharma which got listed at heavy discount to market price.
Market appears to be range bound in the coming few sessions.
Even pharma scrips may not be an exception to this. Astra IDL 218 Aurobindo Pharm. Bayer India 640 BDH Ind. Jagsonpal Pharma 565 JB Chem. Kerala Chem 30 Knoll Pharma 358.15 Kopran Ltd 112 Kopran Drugs 74.1 Krebs Bio-chem.