Mumbai: After the markets opened for trade today, shares of Sun Pharmaceutical Industries Ltd. sunk by more than 12% to around Rs. 370 a piece. The sudden knee jerk reaction was seen after reports of whistleblower complaints to the Securities and Exchange Board of India (SEBI) resurfaced. The tumble in shares came after Moneylife opened up whistleblower documents for institutional investors.
According to the report by Moneylife magazine, in just over three years, between 2014 and 2017, Aditya Medisales Limited (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 sentiments of investors sunk as the earlier rosy picture shown by the promoters now shattered. On this account, the shares were short by highest volumes somewhat 10 times of regular volumes, perhaps certain Institutional investors pulling out of the company.
