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Year of reckoning for India Inc: Sun Pharma saw its valuations sag in 2018

Dilip Shanghvi did not disclose details of loans citing business sensitivity

Dilip Shantilal Shanghvi
Dilip Shantilal Shanghvi

India’s largest pharmaceutical company, Dilip Shanghvi-led Sun Pharma saw its valuations tumble when a note titled “Murky Waters of Sun Pharma” by a foreign brokerage did the rounds on social media in November-end. The note talked of inadequate disclosures by the firm related to the role of Shanghvi’s brother-in-law and an executive director of Sun Pharma, Sudhir Valia, about Sun Pharma’s past links with dubious traders Ketan Parekh and Dharmesh Doshi, about related-party transactions involving Shanghvi and his family and guarantees given to a certain real ...