Sun Pharmaceutical Industries dropped over 7% on reports that market regulator has ordered a forensic audit against the company to look into allegations of financial irregularities and lapses in corporate governance standards.
Meanwhile, the S&P BSE Sensex was up 10 points or 0.03% to 36573.36.
The Sun Pharmaceutical Industries scrip is currently trading lower by 7.22% at Rs 407.70. The stock hit a high of Rs 426.95 and a low of Rs 406 so far during the day. On the BSE, 6.68 lakh shares were traded in the counter so far compared with average daily volumes of 4.20 lakh shares in the past two weeks.
As per reports, Securities and Exchange Board of India (Sebi) has ordered a forensic audit against Sun Pharmaceutical Industries to look into allegations of financial irregularities and lapses in corporate governance standards. The audit has been reportedly ordered based on allegations made by a whistleblower in a 150-page complaint to Sebi, accusing Sun Pharma of committing corporate governance and tax-related offences and securities market-related violations.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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