Sun Pharma stock rebounds, jumps 4%
Pharmaceutical major Sun Pharma’s stock gained 4 per cent to touch a high of Rs 406.35 on Monday after it ended Friday’s trade lower at more than 8 per cent.
The pharma scrip was beaten down heavily on Friday as it lost close to 13 per cent intra-day following a complaint by a whistleblower to the Securities and Exchange Board of India (Sebi) against the company, raising issues of corporate governance.
At 11.41 a.m., Sun Pharma traded Rs 11.20 or 2.87 per cent higher from its previous close of Rs 390.75. It touched an intra-day high of 406.35 and a low of 390.75.
On Friday, after the steep fall in its share price, Sun Pharma in a letter to Sebi said there is great asymmetry in information circulating between analysts, investors and the media, leading to intense speculation.
“We wish to bring to your kind notice an alleged second whistleblower complaint filed against our Company, which we learned from a media report on January 15, 2019,” Sun Pharma had said on Friday.