Sun Pharma Requests SEBI To Examine Whistleblower Matter In Entirety
Sun Pharmaceutical Industries Ltd. has requested the market regulator to examine an alleged second whistleblower complaint filed against the company.
“There is a great asymmetry in the information circulating between analysts, investors and media leading to intense speculation,” the nation’s largest drugmaker said in its letter to the Securities Exchange Board of India. “The availability of information contained in the whistleblower documents to a set of selective investors does put other investors, including retail investors, in a disadvantageous position.”
It is evident from the fact that shareholders value has been drastically eroded within a short span of time due to unsubstantiated complaint/allegation against the company and mala fide campaign launched by certain media houses. We request your office to examine the matter in its entirety, and the role of some media houses and other stakeholders.Sun Pharma’s Letter To SEBI
Sun Pharma earlier today clarified that it has not received the alleged 172-page whistleblower complaint and therefore, is not privy to contents of the document referred to in the media report.
The complaint sent to SEBI alleges one of the drugmaker’s distributors, which has been declared as a related party, did Rs 5,800 crore worth of transactions with a real estate firm that is controlled by a director on Sun Pharma’s board, according to a Moneylife report.
Shares of Sun Pharma closed 8.4 percent lower at Rs 390.7 apiece, following its 6 percent drop on Thursday. The stock has declined more than 32 percent over the last one year, compared to a 6.7 percent fall in the S&P BSE Healthcare Index.