Sun Pharma shares rise 2% as company seeks SEBI intervention in unfair business practices

New Delhi: Shares of Sun Pharmaceutical Industries surged 2 percent on Monday as it sought SEBI’s intervention in the issue of alleged unfair business practices against the company. This was the first uptick in the counter after two successive sessions of beating, wherein the stock lost as much as 13.80 percent. On BSE, the stock gained 1.94 percent to close at Rs 398.35. Intra-day it surged 3.99 percent to Rs 406.35. [caption id=“attachment_2159087” align=“alignleft” width=“380”] Representational image. Reuters[/caption] At the National Stock Exchange (NSE), the stock of the company climbed 2 percent to settle at Rs 398.55. During the day, it advanced by 4.04 percent to Rs 406.55. Against the backdrop of reports that a second whistleblower complaint has been filed against it and shares taking a beating on the exchanges, Sun Pharma has written to SEBI flagging concerns that certain entities are allegedly adopting unfair trade practices. In a letter to SEBI Chairman Ajay Tyagi, the Mumbai-based drugmaker said it has come to know from a media report that a second whistleblower complaint has been filed against the company. “We are concerned that certain entities/individuals are adopting unfair trade practices prejudicial to the interest of shareholders and other stakeholders,” the company said in the letter, a copy of which has been submitted to the stock exchanges. In a clarification to BSE, the company said it has not received the alleged “172-page whistleblower complaint” and therefore it is not privy to the contents of the document being referred to in the said media article. “Hence, we cannot comment on the points being raised in the said media article,” it said.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.