Over six trading days, prior to the announcement of its acquisition by Sun Pharma on Monday, Ranbaxy shares rallied 34%. Could it be a case of insider trading?
On 7th April, Ranbaxy Laboratories Ltd (Ranbaxy) announced about its acquisition by Sun Pharmaceutical Industries Ltd (Sun Pharma) in $4 billion deal. Because of this announcement, Ranbaxy share price opened 10% up and made its 52-week high at Rs505 on BSE before it ended lower. But why was there a sudden rise in volumes and prices over six trading days, prior to this takeover?
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