January 18, 2019:
On Friday, shares of Sun Pharmaceutical Industries Ltd slumped over 13% in morning trade to near six-year lows.
It happened after a media report of a complaint by a whistle blower raised fresh concerns on the drug maker's Corporate Governance.
At about 12.30 pm, the stock was trading down 9.80% or ₹ 41.80 at ₹ 384.75 on the NSE.
The complaint, sent to the capital market regulator Securities and Exchange Board of India (SEBI), is the second in over a month, according to a report.
The whistle-blower complaint alleges that an Indian pharmaceutical manufacturer Aditya Medisales Ltd had transactions with Suraksha Realty, controlled by Sun Pharma's co-promoter, Sudhir Valia, the report stated.
The transactions took place between 2014 and 2017, and were worth over ₹ 5,800 crore ($814.65 million), it added.
A whistle-blower had approached SEBI late last year with a document alleging various irregularities by Sun Pharma, its promoter Dilip Shanghvi and others.
Sun Pharma did not immediately respond to a Reuters request seeking comment.
Shares of the country's largest drugmaker by market value recorded their biggest intra-day percentage drop since May 29, 2017.
Over 31.4 million shares changed hands, around 2.7 times Sun's 30-day trading volume average of 11.7 million shares.
Earlier this month, Sun Pharma had recalled muscle relaxtant vecuronium bromide for injection due to the presence of glass.
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