INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Sun Pharma, India’s largest drugmaker, declined 3 per cent in morning trade on Thursday, a day after the Securities
Exchange Board of India (Sebi) confirmed reports that it had received a whistleblower complaint against the company.
"We have received the
complaint against Sun Pharma and we are examining it", Sebi chairman Ajay Tyagi told reporters after its board meeting on Wednesday
Shares of Sun Pharma have been under pressure after reports of corporate governance issues and a whistleblower complaint to Sebi
It had prompted the management to issue a clarification to investors
Around 9:45 am, shares of the company traded 1.98 per cent down at Rs 422.75 apiece
Equity benchmark Sensex was 0.63 per cent up at 36,006 at that time.
In August 2017, Sun Pharmaceutical, Shanghvi and nine other entities
had settled an insider trading probe on payment of Rs 18 lakh towards settlement charges, reports PTI.
However, reports have stated that the
regulator is likely to reopen the case as it has powers to reopen cases of settlement related to insider trading on various grounds.
The
sources had said that alleged irregularities by the company’s promoters and others in raising funds through Foreign Currency Convertible
Bonds (FCCBs) are also likely to be investigated by the watchdog.
In August 2017, the regulator had not disclosed the details of the insider
trading case.
Sensex and Nifty were trading higher after retail inflation plunged to a 17-month low in November, hinting at the strong
possibility of a rate cut by the RBI sooner than expected
