Sun Pharma looks miserable

Sun Pharma is looking pretty miserable today morning. It fell almost 10.5% to Rs.441.95, very close to its 52-week low of Rs.434.80.

Press Trust of India (PTI) has put out a report, more like a rumour as it comes from “unnamed sources”. It has stated that SEBI is likely to reopen an insider trading case against the company, probably a reaction to a whistleblower approaching the regulator with allegations of various irregularities by the company, its promoter Dilip Shanghvi and others.

SEBI is also likely to probe into irregularities by the company’s promoters and others in raising funds through foreign currency convertible bonds.

If one may recollect, in Aug’17, the promoter and others settled an insider trading probe by paying Rs.18 lakhs towards settlement charges.