New Delhi:Sun Pharmaceutical Industries on Friday asked markets regulator Sebi (Securities and Exchange Board of India) to look into issues of certain entities and individuals allegedly adopting unfair trade practices prejudicial to company's shareholders.
Against backdrop of reports that a second whistleblower complaint has been filed against it and shares taking a beating on 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, Mumbai-based drug maker said it has come to know from a media report that a second whistleblower complaint has been filed against company."We are concerned that certain entities/individuals are adopting unfair trade practices prejudicial to interest of shareholders and other stakeholders," company said in letter, a copy of which has been submitted to stock exchanges.In November 2018, a whistleblower approached Sebi with a document alleging various irregularities by company, its promoter and others.Referring to latest reports, Sun Pharma said it is evident from fact that shareholders value has been drastically eroded within a short span of time due to "unsubstantiated complaint/ allegation" against company and mala fide campaign launched by certain media houses."We request your office to examine matter in its entirety, and role of some media houses and other stakeholders," drug maker said.According to Sun Pharma, said whistleblower documents and other confidential e-mails are being offered for inspection to institutional investors by one media house as per above report, which again company is not privy to."In these circumstances, there is a great asymmetry in information circulating between analysts, investors and media leading to intense speculation.
"The availability of information contained in whistle blower documents to a set of selective investors does put other investors including retail investors in a disadvantageous position," letter said.Meanwhile, shares of Sun Pharma came under massive selling on Friday, tumbling over 13 per cent, amid reports of fresh allegations by a whistleblower against company.The scrip after a weak opening further tumbled 12.11 per cent to hit a multi-year low of Rs 375.40 on BSE.At NSE, shares of company plummeted 13.21 per cent to hit a low of Rs 370.20.The stock was worst hit among blue chips on both key indices during morning trading session.
In terms of equity volume, 38.20 lakh shares of company were traded on BSE and over 4 crore shares changed hands at NSE during day.Shares of company Friday ended 8.52 per cent at Rs 390.75 on BSE.