Sun Pharma shares crash 8.5% amid reports of fresh whistleblower complaint

Shares of Sun Pharma came under massive selling pressure Friday, plummeting over 8 per cent that wiped out Rs 8,735 crore from its market valuation, amid reports of fresh allegations by a whistleblower against the company.

The stock crashed 8.52 per cent to end the day at Rs 390.75 on the BSE. During the day, it dived 12.11 per cent to hit its multi-year low of Rs 375.40.

At the National Stock Exchange (NSE), shares of the company plunged 8.51 per cent to close at Rs 390.25 apiece.

Led by the sharp fall in the stock, the company's market valuation declined by Rs 8,735.71 crore to Rs 93,751.44 crore on the BSE.

The stock was the worst hit among the blue-chips on both the BSE and the NSE.

In terms of equity volume, 66.72 lakh shares of the company were traded on the BSE and 8.29 crore shares changed hands on the NSE during the day.

On Thursday, the stock had fallen by 5.77 per cent on the BSE.

According to reports, the complaint, sent to the capital market regulator Sebi, is the second in over a month.

Earlier in the day, the BSE had sought clarification from Sun Pharmaceutical Industries with reference to reports that Sun Pharma plummets over buzz of fresh whistleblower complaint.

About the reports, the firm informed the BSE that it has not received the alleged "172-page whistleblower complaint".

A whistleblower in November last year approached the Securities and Exchange Board of India (Sebi) with a document alleging various irregularities by the company, its promoter and others.