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Sun Pharma slips as forensic audit by Sebi underway

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Sun Pharmaceutical Industries fell 2.30% to Rs 422 after the company informed that the stock market regulator Sebi has ordered forensic audit on company's financial statements.

With reference to media article captioned, "Sun Pharma slides 4% on report of Sebi ordering forensic audit", Sun Pharmaceutical Industries clarified after market hours yesterday, 5 September 2019, that that a forensic audit has been ordered by Sebi with reference to the financial statements of Sun Pharmaceutical Industries for the financial years ending 31 March 2016, 31 March 2017 and 31 March 2018. The said forensic audit is presently ongoing.

Sun Pharma added that it was not aware of any information that could explain the movement in the price of the scrip as referred to the said news article. As an organisation, we are committed to adhering to all applicable legal and regulatory requirements and will ensure that any material developments in this regard are promptly notified to all our stakeholders in line with regulations, it said.

Earlier this week, media reports suggested that Sebi has ordered a forensic audit against the company 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.

On BSE, 5.69 lakh shares were traded in Sun Pharma counter, compared to a 2-week average of 5.70 lakh shares. The stock hit an intraday high of Rs 426.75 and an intraday low of Rs 414.60.

It hit a 52-week high of Rs 678.60 on 6 September 2018 and a 52-week low of Rs 350.40 on 13 May 2019.

Sun Pharmaceuticals Industries' consolidated net profit rose 31.22% to Rs 1387.48 crore on a 15.69% rise in net sales to Rs 8,259 crore in Q1 June 2019 compared with Q1 June 2018.

Sun Pharmaceutical Industries is a pharmaceuticals company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 06 2019. 14:52 IST