On May 26, 2023, Sun Pharmaceutical proposed via a letter to Taro s Board of Directors a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares already held by the company or its affiliates, for a purchase price of $38 per share, in cash.
Sun Pharma has made a decent correction from the 'double top' level of Rs 1080 to Rs 940 and has been consolidating around these levels for quite some time.
Sun Pharma witnessed a breakdown from the Double Top pattern on lower volumes. Its recent 11 per cent decline from all-time high level was arrested near the support zone.