How Sunpharma Reacted on buzz of fresh allegations by whistleblower

Shares of Sun Pharma falls over 10% after a media report said that fresh whistleblower documents were sent to Sebi.

The complaint has come against Sun Pharma over its relationship with Aditya Medisales. The related party transactions of Sun Pharma with Aditya Medisales has been one of the major issues discussed in the conference call held by the company management in the last month.

“In just over three years, between 2014 and 2017, Aditya Medisales (AML) has had over Rs5,800cr of transactions with Suraksha Realty, controlled by Sun Pharma’s co-promoter, Sudhir Valia, alleges the new 172-page complaint (with documents) sent by the whistleblower on Sun Pharma to the SEBI,” according to Moneylife report.

Reacting to the news, shares of SPARC hit a 52-week low of Rs155.35 on the BSE. – Source IndiaInfoline

SunPharma 1minute Charts

How Sunpharma Reacted Post the News?

Market reacted extremely negative news at the open. However those trading sentiment hardly lasted for a minute of crash followed by a complete recovery in a span of total 4 trading sessions. Price got back to the level where the crash started.

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