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Sebi probes whistleblower complaint against Sun Pharma; shares tumble 3%

A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others

Press Trust of India  |  New Delhi 

The revenue from operations declined to ~69.7 bn for the fourth quarter against ~71.3 bn during the same period last year

Shares of fell over 3 per cent Thursday, a day after markets regulator said it is examining the complaint against the company.

After a negative opening on BSE, the stock further shed 3.08 per cent to Rs 418. At 1330 hrs, the stock was trading at Rs 424.65, down 1.54 per cent.

Similarly, on NSE, the scrip declined 3.11 per cent to Rs 418.

When asked about the complaint against Sun Pharma, told reporters on Wednesday: "There is a complaint which we are examining. I have nothing more to add."

A whistleblower had last month approached with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others.

Shanghvi, who is also the of the pharma firm, earlier this month denied receiving any query so far from the markets regulator regarding the whistleblower complaint.

Sources told last month that Sebi may reopen an insider trading case against and also probe alleged lapses by some of its promoters and other entities in raising funds overseas.

In August 2017, Sun Pharma, Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.

First Published: Thu, December 13 2018. 14:05 IST
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