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Orchid Chemicalc Falls down after Ranbaxy Comments
- Filed under: Pharma Industry
- Date: Apr 9,2008
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Ranbaxy commented that they don’t believe in hostile takeover , this statement was enough to sell orchid chemicals which rose from prev week of 140 rs or so to this weeks 240 rs .There was speculation that Solrex Pharmaceuticals, which recently increased its holding in Orchid to 11.4% is controlled by Ranbaxy. Orchid stock had spurted in the last two days on such buzz.The acquisition of Orchid shares by Solrex Pharmaceuticals through open market purchases raised expectations that Ranbaxy plans a hostile takeover of Orchid Chemicals
