Watch Sun Pharma over new whistle-blower complaint

Due to corporate governance issues, shares of Sun Pharma have declined 26% in the past two months.

Jan 18, 2019 05:01 IST India Infoline News Service

Sun Pharma
As per news sources, a whistle-blower has filed a second complaint against Sun Pharma to the Securities and Exchange Board of India (SEBI). Earlier, the same whistle-blower had complained to the SEBI over the Ranbaxy insider trading case.

The new complaint has come against Sun Pharma over its relationship with Aditya Medisales. The related party transactions of Sun Pharma with Aditya Medisales has been one of the major issues discussed in the conference call held by the company management in the last month.

After news of the first whistle-blower complaint and social media messages, shares of Sun had dropped 13%, i.e. from Rs453 to Rs398, but they have recovered now. In the past two months, however, shares of Sun Pharma declined 26%, i.e., from Rs608 to Rs452.

Pertaining to the Ranbaxy case, SEBI has said that it is examining the whistle-blower complaint. The new complaint is expected to put pressure on Sun Pharma’s shares.

Related Story