Sun Pharma shares slump 10% as SEBI plans to reopen insider trading case to probe alleged lapses by some of its promoters

New Delhi: Shares of Sun Pharmaceutical tumbled over 10 percent on Monday as markets regulator SEBI may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters.

The stock, which opened on a negative note, further declined 10.22 percent in intra-day trade to Rs 441.95 on BSE. At 1405 hrs the scrips were trading at Rs 453.70, down 7.84 percent from the previous close.

Representational image. Reuters

Representational image. Reuters

On the NSE, the shares fell 10.44 percent to Rs 441.15, its lowest during the intra-day trade.

According to sources, SEBI is likely to reopen an insider trading case against Sun Pharmaceutical Industries as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas.

The development comes after a whistleblower reportedly approached SEBI with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, they added.

In August 2017, Sun Pharmaceutical, its managing director Dilip Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.

However, the regulator is likely to reopen the case as it has powers to reopen cases of a settlement related to insider trading on various grounds.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Dec 03, 2018 15:02:19 IST

Also See