Sun Denies Insider Trading ...

Indian generic drug producer Sun Pharmaceutical Industries has denied allegations that one of its subsidiaries had access to inside information when it bought shares in Ranbaxy Laboratories. Indian stock traders and investors complained about a mysterious rise in the price of Ranbaxy’s shares a few days before Sun announced last month that it had agreed to acquire the firm (C&EN, April 14, page 6). In a statement to the National Stock Exchange of India, Sun claims that although its subsidiary, Silverstreet Developers, had acquired Ranbaxy shares, it had done so in the course of its normal operations and without access to nonpublic information.