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

  • This was the first uptick in the Sun Pharma shares 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

  • At the National Stock Exchange (NSE), the stock of the company climbed 2 percent to settle at Rs 398.55

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.

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

Representational image. Reuters

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.

 

 

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Updated Date: Jan 21, 2019 17:03:50 IST