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Sun Pharma drops 7.5% on reports Sebi may reopen insider trading case

Press Trust of India  |  New Delhi 

Shares of Sun Pharmaceutical Monday dived 7.5 per cent after reports suggested that markets regulator Sebi may reopen an case against the firm and probe alleged lapses by some of its promoters.

The company's shares fell 7.52 per cent to end at Rs 455.30 apiece on the BSE. During the day, the stock declined 10.22 per cent to Rs 441.95.

On the NSE, the scrip of the company slumped by 7.53 per cent to close at Rs 455.50.

In terms of volume, over 48 lakh shares were traded on the BSE, while over 6 crore units changed hands on the NSE.

According to sources, Sebi is likely to reopen an case against as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas.

The development comes after a whistle-blower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter and others, they added.

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

However, the regulator is likely to reopen the case as it has powers to reopen cases of settlement related to insider trading on various grounds.

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

First Published: Mon, December 03 2018. 18:00 IST