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India Equity Movers: Cairn, Gujarat Gas, Madhucon, Ranbaxy

March 21 (Bloomberg) -- The following companies had unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the 3:30 p.m. close in Mumbai.

The Bombay Stock Exchange Sensitive Index, or Sensex, fell 39.76, or 0.2 percent, to 17,839.05, for a third straight trading day.

Cairn India Ltd. (CAIR IN), operator of the nation’s biggest onshore oil field, increased 1 percent to 349.35 rupees, its highest closing price since March 8. The Securities and Exchange Board of India approved Vedanta Resources Plc’s open offer for Cairn India shares, ET Now news channel reported on March 18, without saying where it got the information.

Gujarat Gas Co. (GGAS IN) fell 3.7 percent to 374 rupees, its steepest decline since Feb. 1. The unit of U.K.’s BG Group Plc that operates in the western Indian state of Gujarat began trading today without the right to receive a payout of 8 rupees a share in addition to a dividend of 4 rupees apiece.

Madhucon Projects Ltd. (MDHPJ IN) surged 4.6 percent to 91.55 rupees, its highest advance since Feb. 17. The engineering and construction company won a contract valued at 15 billion rupees from the National Highways Authority of India in the eastern state of Jharkhand.

Ranbaxy Laboratories Ltd. (RBXY IN) plunged 7 percent to 436.05 rupees, the most since May 2009. Mylan Inc. sued the U.S. Food and Drug Administration seeking to block Ranbaxy’s exclusive rights to sell a generic version of Pfizer Inc.’s cholesterol pill Lipitor.

To contact the reporter on this story: Ameya Karve in Mumbai at akarve@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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