INSUBCONTINENT EXCLUSIVE:
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
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
of company Friday ended 8.52 per cent at Rs 390.75 on BSE.
