Shares of Sun Pharmaceutical Industries ended 5 percent higher 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 fund raising through foreign currency convertible bonds, the report said.
Sun Pharmaceutical Industries ended at Rs 434.65, up Rs 21.90, or 5.31 percent., on the BSE.
The share touched its 52-week high Rs 678.80 and 52-week low Rs 350.40 on 06 September, 2018 and 13 May, 2019, respectively.
Currently, it is trading 35.97 percent below its 52-week high and 24.04 percent above its 52-week low.
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