SEBI has ordered a forensic audit against Sun Pharma to look into allegations of financial irregularities and lapses in corporate governance standards. The audit has been ordered based on allegations made by a whistleblower in a 150-page complaint to SEBI.
The whistleblower complained of a fund diversion of Rs 42,000 crore and of personal profits being made to the tune of Rs 10,000 crore. The letter written to say alleged that Sun’s key distributor and subsidiary, Aditya Medisales had thousands of crores of rupees worth of transactions with a real estate firm that is controlled by a director on the Sun Pharma board.
Following this news, Sun Pharma was among the top five losers on the BSE, going down almost 8% to Rs.406, with volumes showing a rise of over 1.5 times.