Hold Ranbaxy Laboratories, says Dhawan

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Hold Ranbaxy Laboratories, says Dhawan

Sajiv Dhawan of JV Capital Services is of the view that one can hold Ranbaxy Laboratories.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Ranbaxy top loser on the Nifty Hold Ranbaxy, says Bhambwani Ranbaxy may test Rs 400-430: Baliga Ranbaxy slips on US Congress committee action ALSO READ See previous views by Sajiv Dhawan See what other Experts & Brokerages are saying about Ranbaxy Labs See messages about Ranbaxy Labs Ranbaxy Labs BSE | NSE 28/05/12 Are Mutual Funds betting on Ranbaxy Labs?

Sajiv Dhawan of JV Capital Services is of the view that one can hold Ranbaxy Laboratories .

Dhawan told CNBC-TV18, "In Ranbaxy Laboratories there has been a disaster for the investors over the last few weeks. One bad news comes and another one comes on straight after. I think shareholders obviously must be perplexed. I think the reality is that longer-term investors probably still wouldn't have exited they probably have held on. Some investors we knew applied for that open offer but that is a very small percentage of their stocks, which will be accepted."

He further added, "On current levels if you look at a price to earnings (PE) ratio, still not cheapest of stocks. It is sector which we never particularly liked because of all these news, which can come and have adverse impacts. The fact that the domestic Indian investors exited should hint investors currently what he feels and what he has thought of the company's future prospects. So investors if they were looking for fresh approach probably ignore it and if you have got it then probably just hold on, I don't see any more bad news that can really come in a short-term and it will be interesting to see how much institutional offloading there has been if any today."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.