Sun Pharma turns down reports of reopening of insider trading case

Drug major Sun Pharmaceutical Industries Monday said it has not received any query so far from the markets regulator Sebi regarding a whistleblower complaint regarding alleged irregularities by the company.

Shares of Sun Pharmaceutical dived 7.5 per cent after reports that markets regulator Sebi may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters.

As of now, the company has not received any query from Sebi with regard to whistleblower complaint and not received any information from Sebi with respect to reopening insider trading issue, Sun Pharma Founder and MD Dilip Shanghvi said in an investors call.

He was addressing investors following reports that a whistle-blower has approached Sebi with a document alleging various irregularities by the company, Shanghvi and others.

In August 2017, Sun Pharmaceutical, its managing director Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.

However, reports have stated that the regulator is likely to reopen the case as it has powers to reopen cases of a settlement related to insider trading on various grounds.

"We are following highest levels of corporate governance at Sun Pharma," Shanghvi said.

(With inputs from agencies.)