Piramal Health denies stake sale plan, shares down 8%

Piramal Heathcare Ltd said on Wednesday its founder has no proposal to sell any stake in the company, sending the shares down 8%.

Earlier in the day, shares of Piramal Healthcare had risen more than 6% on market expectations that the company was in talks to sell the firm to a global pharma major.

French drugmaker Sanofi-Aventis and Pfizer were in negotiations to acquire Piramal Healthcare, local television channels reported on Wednesday.