NEW DELHI: Notching up gains for second straight day, Indias largest drugmaker Sun Pharma jumped 5 per cent early Tuesday.The company on Tuesday said it will make its unit new distributor for its domestic formulations business, discontinuing super stockist arrangement with Aditya Medisales."Sun Pharmas distribution related to India Domestic Formulations Business shall be transitioned from Aditya Medisales, current distributor, to a wholly-owned subsidiary of Sun Pharma.
This change will be made effective by Q1 FY20, post receipt of all requisite regulatory approvals," company said in a BSE filing.
The stock has reversed its slide after it approached market regulator Sebi to investigate alleged second whistleblower complaint that spooked market.
It described matter as selective leak of information on allegations by a whistleblower which has "damaged its reputation and eroded market value".
Financial advocacy website and magazine Moneylife had offered institutional investors access to second whistleblower letter, prompting Sun's complaint to Sebi.
Sun complained that such access creates a "great asymmetry in information circulating among analysts, investors and media, leading to intense speculation".Shares of company were 5.13 per cent up at Rs 418.80 on BSE around 10.55 am.