Ranbaxy may test Rs 250-260: Shardul Kulkarni

Shardul Kulkarni of Angel Broking told CNBC-TV18, "It would be best to move out of Ranbaxy Laboratories . The stock had the initial target of around Rs 470. After meeting that target, immediately the stock has fallen. So, most of the traders have been caught on the wrong side of the trade. Unfortunately the stock price has corrected to such a great extent that to sell at the current price and try and make some money on the downside will also be quite difficult."

"Wait for a bounce, let the stock consolidate over the next couple of days but the bias is extremely negative in case of Ranbaxy. Over the next say probably month, month and a half I would not be surprised to see the stock back to those Rs 250-260 levels," he said.

Disclosure: It is possible that we have positions in the stock discussed and we have recommended them to our clients.

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