homemarket Newsstocks NewsSun Pharma shares tank 11% on reports of Sebi probe on insider trading, corporate governance issues
Sun Pharma shares tank 11% on reports of Sebi probe on insider trading, corporate governance issues
Sun Pharmaceutical Industries shares touched an intraday low of Rs 441.95, plunging more than 10 percent in trade on Monday, posting its biggest intraday fall in 19 months.
Sun Pharmaceutical Industries shares touched an intraday low of Rs 441.95, plunging more than 10 percent in trade on Monday, posting its biggest intraday fall in 19 months.
The stock opened with a loss of more than 5 percent on reports that the Securities and Exchange Board of India (Sebi) is likely will reopen an insider trading case
as well as alleged lapses by some of its promoters and other entities in raising funds overseas, according to a PTI report.
A whistle blower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, the PTI report added.
In August 2017, Sun Pharmaceutical, its managing director Dilip Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges, it further added.
Sun Pharma will reportedly hold a conference call with investors today at 6.30 pm.
Shares of the pharma firm traded at Rs 455.55, down by 7.5 percent on the NSE at 2.54 pm. The sectoral index, the Nifty Pharma also slipped by 2.4 percent with just 3 stocks advancing against 7 declines.
Along with Sun Pharmaceutical, Glenmark, Cadila Healthcare, Dr Reddy's and Biocon were major losers. Glenmark shares dipped nearly 4 percent.
Meanwhile, benchmark indexes traded volatile with the Nifty50 trading marginally down by 5 points at 10,872, while the Sensex was up by 7 points, to 36,202.
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(With agency inputs)
First Published: Dec 3, 2018 3:28 PM IST
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