Shares of Sun Pharmaceutical Industries rose 4 percent on August 29, a day after reports of the Securities and Exchange Board of India (SEBI) clearing the company of charges of irregularities emerged.
A preliminary probe by the market regulator found no merit in allegations of violation of securities laws, levelled by a whistleblower, against the pharmaceutical major, Business Standard quoted two persons as saying.
SEBI had sought answers to alleged diversion of Rs 42,000 crore through the company’s key distributor and subsidiary, Aditya Medisales and the pharma major’s 2004 fundraising through foreign currency convertible bonds, the report said.
Sun Pharmaceutical Industries was quoting at Rs 422.80, up to Rs 10.05, or 2.43 percent, on the BSE.
The share touched its 52-week high of Rs 678.80 on September 6, 2018, and a 52-week low of Rs 350.40 on May 13, 2019.
It is trading 37.61 percent below its 52-week high and 20.86 percent above its 52-week low.
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