BRIEF—Sun Pharma rejects new whistleblower allegations

Shares of Indian pharma major Sun Pharmaceutical Industries lost as much as 12.12% to 375.4 rupees, its lowest since February 2013, after a media report of a complaint by a whistleblower to the Securities and Exchange Board of India (SEBI) raised fresh concerns over corporate governance at the company, according to local media reports.

In the letter to the SEBI, Sun Pharma said there is great asymmetry in information circulating between analysts, investors and the media, leading to intense speculation. The company raised concerns over the contents of the complaint being shared with select investors.

“The availability of information contained in the whistleblower documents to a set of selective investors does put other investors, including retail investors, in a disadvantageous position. We are concerned that certain entities/individuals are adopting unfair trade practices prejudicial to the interest of shareholders and other stakeholders. It is evident from the fact that shareholder value has been drastically eroded within a short span of time due to unsubstantiated complaint/allegation against the company and a mala fide campaign launched by certain media houses,” said the company stated.