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Sun Pharma extends decline for 2nd day, stock drops nearly 3%

Press Trust of India  |  New Delhi 

Shares of dropped further by around 3 per cent Tuesday amid reports of Sebi reopening an case against the firm and probing alleged lapses by some of its promoters.

However, the company said it has not received any communication from the market regulator with respect to reopening of issue.

The stock fell 2.75 per cent to end at Rs 442.8 on the BSE. Intra-day, the shares declined 2.98 per cent to Rs 441.7.

On the NSE, the scrip fell 2.72 per cent to close at Rs 443.

had slumped 7.5 per cent on the bourses Monday.

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

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 an investors call on Monday, Shanghvi, founder and MD, said that as of now the company has not received any query from Sebi with regard to whistle-blower complaint and not received any from Sebi with respect to reopening insider trading issue.

"We are following the highest levels of corporate governance at Sun Pharma," Shanghvi had said.

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

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

First Published: Tue, December 04 2018. 17:55 IST