Sun Pharma plunges to six-year low on fresh whistleblower complaint buzz

Sun Pharma plunges to six-year low on fresh whistleblower complaint buzz According to a news report by financial news website Moneylife, huge transactions took place between Aditya Medisales and private Companies of Sun Pharma’s promoters between 2014 and 2017.

Market News: Shares of pharma bellwether Sun Pharma crashed to their six year-low of Rs 375.40 apiece in the early trade on Friday after a news report suggested fresh whistleblower documents were sent to Sebi.

According to a news report by financial news website Moneylife, huge transactions took place between Aditya Medisales and private companies of Sun Pharma’s promoters between 2014 and 2017.

“In just over three years, between 2014 and 2017, Aditya Medisales (AML) has had over Rs 5,800 crore of transactions with Suraksha Realty, controlled by Sun Pharma’s co-promoter, Sudhir Valia, alleges the new 172-page complaint (with documents) sent by the whistleblower on Sun Pharma to the market regulator, Securities and Exchange Board of India (SEBI),” the report added.

The stock plunged as much as 12 per cent on BSE. In the last two trading days, the stock has fallen 17 per cent. Based on the low price of Rs 375.40, the company’s valuation got eroded by Rs 12,416 crore in the intra-day trade. In two days, the company has lost Rs 18,702 crore in m-cap.

Reacting to the news, shares of SPARC (Sun Pharma Advanced Research Company) also took a hit and plunged to its 52-week low of Rs 158.05 apiece on BSE. According to a news report by PTI dated…read more

→News Source:BS/Business Standard←