Market regulator Securities and Exchange Board of India (SEBI) has rejected to execute the stake sale of the Ranbaxy-Daiichi deal.

Earlier, the Indian company had asked both NSE, BSE for approving the deal via stock exchange. 

The NSE had sought SEBI's nod for the block deal given CCEA requirements. SEBI had already made it clear that it would not relax the norms on block deals.

Ranbaxy had announced that the promoters have signed a share purchase agreement with Daiichi Sankyo to sell off their entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore.

At 3:29 p.m., the shares of Ranbaxy lost 1.7% at Rs 264.10 on BSE.