U.S. Says It May Withdraw Motion against Ranbaxy

Ranbaxy Laboratories Ltd., India's biggest drugmaker, rose the most in more than two months after the U.S. government offered to withdraw a motion seeking to force the company to turn over audit reports.

And India govt approves Daiichi-Ranbaxy deal - minister India has approved Japanese drugmaker Daiichi Sankyo's investment in India's Ranbaxy Laboratories Finance Minister Palaniappan Chidambaram told reporters after a cabinet meeting Daiichi Sankyo agreed in June to buy the 34.8 percent stake held by Ranbaxy's founding family, and made an open offer for a further 20 percent of Ranbaxy shares, as per Indian regulations, that was oversubscribed

Ranbaxy rose as much as 9 percent to 274.05 rupees, the biggest intraday gain since July 16. The stock climbed 8.8 percent to 273.65 at 12:01 p.m. in Mumbai trading. The U.S. government asked for time until Oct. 6 to review documents from Ranbaxy, according to a filing to the U.S. district Court of Maryland, Southern Division.