Cadila Healthcare has termed the news reports, which stated that the company is looking to buy Claris Lifesciences' injectable business for Rs 34 billion, as speculative.

In a statement, Cadila said, 'It is our company's policy not to respond to any such speculative news items. As a responsible listed Company, we inform stock exchanges of all information which is required to be disclosed, on timely basis, in terms of the Listing Agreement (including material information under clause 36 of the Listing Agreement).'

Shares of the company declined Rs 14.8, or 0.84%, to trade at Rs 1,740.40. Total volume of shares traded on the bourses today was lower by 25.75% to 168,096 compared with 22-day average volume of 226,389. (11.31 a.m., Thursday).