Sun Pharma declines over 2% as SEBI examines whistlelower complaint

PTI New Delhi | Updated on December 13, 2018 Published on December 13, 2018

Shares of Sun Pharmaceutical slipped over 2 per cent on Thursday, a day after markets regulator SEBI said it was examining the whistleblower complaint against the company.

The stock dropped 2.12 per cent to settle at Rs 422.15 on the BSE. During the trading session, the scrip touched a low of Rs 418, a decline of 3.08 per cent.

On the NSE, the stock fell 2.19 per cent to Rs 422 from the previous close. It had touched a low of Rs 418, down 3.11 per cent, during the trading session.

In terms of equity volume, over 13 lakh shares were traded on the BSE, while over 1.6 crore units changed hands on the NSE.

When asked about the whistleblower complaint against Sun Pharma, SEBI Chairman Ajay Tyagi on Wednesday said, “There is a whistleblower complaint which we are examining. I have nothing more to add.”

A whistleblower had last month approached SEBI with a document alleging various irregularities by the company, its Promoter Dilip Shanghvi and others.

Shanghvi, who is also the managing director of the pharma firm, earlier this month denied receiving any query so far from the markets regulator regarding the whistleblower complaint.

Sources told PTI last month that SEBI may reopen an insider trading case against Sun Pharma and also probe alleged lapses by some of its promoters and other entities in raising funds overseas.

In August 2017, Sun Pharma, Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards the settlement charges.

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Published on December 13, 2018
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