Ranbaxy shares up 3pct on Pfizer may bid report

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MUMBAI (Reuters) - Shares in Ranbaxy Laboratories Ltd rose more than 3 percent early on Friday after a newspaper said Pfizer Inc may bid for the Indian drug maker, countering a $4.6 billion offer by Japan's Daiichi Sankyo Co Ltd.

Ranbaxy shares rose as much as 3.6 percent to 561.75 rupees in Mumbai market that was up 0.2 percent.

Pfizer, the world's largest drug maker, may bid for the about 65 percent of Ranbaxy held by institutions and public shareholders, the Business Standard newspaper reported citing unidentified sources familiar with the development.