Ranbaxy shares up 3 percent on Pfizer may bid report

MUMBAI (Reuters) - Shares in Ranbaxy Laboratories (RANB.BO) rose more than 3 percent early on Friday after a newspaper said Pfizer (PFE.N) may bid for the Indian drug maker, countering a $4.6 billion (2.4 billion pounds) offer by Japan's Daiichi Sankyo (4568.T).

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.

(Reporting by Hiral Vora; Editing by Ranjit Gangadharan)