Sun Pharma tumbles on report of fresh allegations by whistleblower

Shares of India’s Sun Pharmaceutical Industries Ltd slumped over 13 percent on Friday to near six-year low, after a media report of a complaint by a whistleblower raised fresh concerns on the drugmaker’s corporate governance.

The complaint, sent to the capital market regulator Securities and Exchange Board of India (SEBI), is the second in over a month, according to the report by Moneylife magazine.

The whistleblower complaint alleges that an Indian pharmaceutical manufacturer Aditya Medisales Ltd had transactions with Suraksha Realty, controlled by Sun Pharma’s co-promoter, Sudhir Valia, the report stated.

The transactions took place between 2014 and 2017, and were worth over 58 billion rupees ($814.65 million), it added.

A whistleblower had approached SEBI late last year with a document alleging various irregularities by Sun Pharma, its promoter Dilip Shanghvi and others.

Sun Pharma did not immediately respond to a Reuters request seeking comment.

Shares of the country’s largest drugmaker by market value recorded their biggest intra-day percentage drop since May 29, 2017.

Over 31.4 million shares changed hands as of 0453 GMT, around 2.7 times Sun’s 30-day trading volume average of 11.7 million shares.

Earlier this month, Sun Pharma had recalled muscle relaxtant vecuronium bromide for injection due to the presence of glass.

Related Posts

Indian nutraceutical industry unites at NUTRAVISION @2047

The Indian nutraceutical industry came together at NUTRAVISION @2047 — Nutraceutify the Nation for Viksit Bharat, a landmark national symposium held in Mumbai on July 3, to reaffirm a unified…

Cancer drugs worth crores flown in as ‘coolant’ from Laos, customs probe flags suspected import route

HYDERABAD: A suspicious air cargo consignment from Laos, declared as ‘coolant’ but allegedly containing high-value anti-cancer drugs worth crores of rupees, has exposed what investigators believe could be a route…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

‘Made in India’ Surgical Robot SSiMantra makes Powerful Presence felt in UK

‘Made in India’ Surgical Robot SSiMantra makes Powerful Presence felt in UK

Indian nutraceutical industry unites at NUTRAVISION @2047

Indian nutraceutical industry unites at NUTRAVISION @2047

Cancer drugs worth crores flown in as ‘coolant’ from Laos, customs probe flags suspected import route

Cancer drugs worth crores flown in as ‘coolant’ from Laos, customs probe flags suspected import route

KGMU urology scam: Medicines worth ₹5 lakh recovered from dismissed staffers’ lockers

KGMU urology scam: Medicines worth ₹5 lakh recovered from dismissed staffers’ lockers

Pharma exporters raise red flag over JNCH customs delays at Nhava Sheva Port

Pharma exporters raise red flag over JNCH customs delays at Nhava Sheva Port

Gujarat to have region specific anti-snake venom in a year

Gujarat to have region specific anti-snake venom in a year