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Sun Pharma Shares Jump 4.5% as Sebi Probe Finds No Merit in Fraud Charges

At 10:35 am, shares of Sun Pharma were trading at Rs 425.60, up 3%, after hitting an intra-day high of Rs 431.65. The stock has corrected 33% in the last one year.

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Updated:August 29, 2019, 11:08 AM IST
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Sun Pharma Shares Jump 4.5% as Sebi Probe Finds No Merit in Fraud Charges
Image for representation. (Image: Reuters)
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Sun Pharmaceutical Industries Ltd shares gained as much as 4.5% in intra-day trade on Thursday, i.e. 29 August, after capital markets regulator Securities and Exchange Board of India (Sebi) cleared the company of charges of financial irregularities.

At 10:35 am, shares of Sun Pharma were trading at Rs 425.60, up 3%, after hitting an intra-day high of Rs 431.65. The stock has corrected 33% in the last one year.

A preliminary probe by Sebi has found no merit in allegations of violation of securities laws, levelled by a whistleblower, against Sun Pharma, according to a report by Business Standard.

The report said that Sebi had sought detailed answers on two queries — alleged fund diversion of Rs 42,000 crore through Sun Pharma’s key distributor and subsidiary, Aditya Medisales (AML, and on the company’s 2004 fund-raising through foreign currency convertible bonds (FCCB).

The report added that the investigation team believed that the matter did not require further probe.

Sebi ordered an enquiry against Sun Pharma after allegations were made by a whistleblower in a 150-page complaint to the market regulator accusing the company of committing corporate governance and tax-related offences and securities market-related violations.

The whistleblower had accused Sun Pharma of diverting as much as Rs 42,000 crore of funds and of personal profits being made to the tune of Rs 10,000 crore.

The letter by the whistleblower also reportedly allege that AML had thousands of crores of rupees worth of transactions with a real estate firm that is controlled by a director on the Sun Pharma board.

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