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Pfizer eyeing Piramal stake?

business Updated: May 19, 2010 20:51 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Drug maker Pfizer is eyeing a controlling stake in Piramal Healthcare. The latter has a market capitalisation of Rs 11,000 crore.

“Piramal Healthcare promoters are in close talks with Pfizer to sell their stake in the company,” said a source close to the development.

The news swayed Piramal’s share price throughout the day, which rose 6.5 per cent intra-day and closed down 3.2 per cent after the company issued a denial to the BSE. “There is no proposal by the promoter for selling any stake in the company,” the statement said.

Pfizer too declined to comment. “I would not like to comment on market rumors,” Keval Handa, MD, Pfizer India.