Sun Pharma share price slips 2 per cent post settlement order by SEBI
The shares of the drug manufacturer, Sun Pharmaceutical Industries Ltd had initially touched its 52-week high during the early trade on Friday but soon, slipped by almost 2 per cent after Securities & Exchange Board of India (SEBI) issued an order for settling charges made by a whistleblower.
Last year in May, SEBI had issued a show-cause notice to the company, whole-time directors and other officers for the alleged violations of SEBI provisions, following two whistleblower complaints.
The proceedings were settled and disposed of as per the settlement terms, without admitting or denying the findings & conclusions in accordance with the terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations 2018, in order to expeditiously close the matter. The company stated in a filing to BSE that the aggregate settlement charges were Rs 2,92,10,250.
The settlement of the allegations is likely to remove the risk of any incremental overhang. Meanwhile, continued traction in ex-US sales and rising speciality sales have been keeping the stock upbeat.
At 2.41 pm today, the stock of Sun Pharmaceutical Industries was trading at Rs 625.25, down by 2.84 per cent against its previous close of Rs 643.50. It has a 52-week high and 52-week low of Rs 653.70 and Rs 315.20, respectively on BSE.