Stay away from Ranbaxy: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the opinion that one should stay away Ranbaxy Laboratories.

Baliga told CNBC-TV18, "For the time being I would say stay away from Ranbaxy because we see it going more towards the levels of Rs 400, so closer to Rs 400 or Rs 410, it makes sense in investing in this company for slightly longer term perspective. For the time being one should ignore it because clearly post this open offer, the price should go down to levels of Rs 400 to Rs 410."

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