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Sun Pharma shares surge 4 pc in morning trade

Business Finance

Press Trust of India  |  New Delhi 

Shares of Sun Pharmaceutical Industries Monday surged 4 per cent in opening trade on the bourses after it sought intervention from market regulator Sebi, alleging unfair biz practices against the company.

This is the first uptick in the counter after two successive sessions of beating, wherein the stock lost as much as 13.80 per cent.

The stock opened on a strong note at Rs 390.90, then gained further ground and touched an intra-day high of Rs 406.35, up 3.99 per cent from its previous close.

At the National Stock Exchange (NSE), shares of the company opened at Rs 390.10, then jumped 4.04 per cent over its last close to Rs 406.55.

The stock was the second largest gainer among the Sensex pack after Reliance Industries.

Against the backdrop of reports that a second whistleblower complaint has been filed against it and shares taking a beating on the exchanges, Sun Pharma has written to Sebi flagging concerns that certain entities are allegedly adopting unfair trade practices.

In a letter to Sebi Chairman Ajay Tyagi, the Mumbai-based drug maker said it has come to know from a media report that a second whistleblower complaint has been filed against the company.

"We are concerned that certain entities/individuals are adopting unfair trade practices prejudicial to the interest of shareholders and other stakeholders," the company said in the letter, a copy of which has been submitted to the stock exchanges.

In a clarification to BSE, the company said it has not received the alleged "172-page whistleblower complaint" and therefore it is not privy to the contents of the document being referred to in the said media article.

"Hence, we cannot comment on the points being raised in the said media article," it said.

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

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First Published: Mon, January 21 2019. 11:55 IST