Shares of Sun Pharmaceutical Monday dived 7.5 per cent after reports that markets regulator SEBI may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters.
The company’s shares fell 7.52 per cent to end at Rs 455.30 apiece on the BSE. During the day, the stock declined 10.22 per cent to Rs 441.95.
On the NSE, the scrip of the company slumped by 7.53 per cent to close at Rs 455.50.
In terms of volume, over 48 lakh shares were traded on the BSE, while over 6 crore units changed hands on the NSE.
SEBI is likely to reopen an insider trading case against Sun Pharmaceutical Industries as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas, PTI reported citing sources.
The development comes after a whistle-blower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, they added.
In August 2017, Sun Pharmaceutical, its managing director Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.
However, the regulator is likely to reopen the case as it has powers to reopen cases of settlement related to insider trading on various grounds.