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Sun Pharma slumps 10 pc as Sebi plans to reopen insider trading case

Press Trust of India  |  New Delhi 

Shares of tumbled over 10 per cent Monday as markets regulator Sebi may reopen an case against the firm and probe alleged lapses by some of its promoters.

The stock, which opened on a negative note, further declined 10.22 per cent in intra-day trade to Rs 441.95 on BSE. At 1405 hrs the scrips were trading at Rs 453.70, down 7.84 per cent from the previous close.

On the NSE, the shares fell 10.44 per cent to Rs 441.15, its lowest during the intra-day trade.

According to sources, 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.

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

In August 2017, Sun Pharmaceutical, its 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. 14:30 IST
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