Pola Pharma's portfolio mainly comprises dermatology products. It has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables
On a year-to-date (YTD) basis, Sun Pharma stock has underperformed the Nifty Pharma index by declining around 28 per cent.
Earlier this year, DUSA, which is wholly-owned by Sun Pharma, filed a lawsuit against the Biofrontera defendants in the US District Court for the District of Massachusetts
A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others
His real estate transactions in the last couple of years further bought him into the spotlight
Shares plunge to a five-year low
The stock hit an over five-year low of Rs 433, down 2%, falling 12% in three days, even though the company made a clarification related to corporate governance and whistleblower issues.
Firm's response to governance allegations inadequate
MFs take exposure to realty arm; guarantee by investment entity gives top rating
Brokerages seem concerned over the whistleblower case and domestic super-stockist distribution structure
The stock is down 3% at Rs 442 on Tuesday, extending its 7.5% fall on Monday on the BSE.
Since November 26, Sun Pharma has lost Rs 133 billion in market capitalisation
Investors also raised questions around loans given to 'employees and others' by the company
Sebi has received a 150-page letter in which a whistle-blower has accused the company of committing corporate governance and tax-related lapses, besides other securities market-related violations
The stock settled 8% lower at Rs 455 on the BSE on reports that the market regulator Sebi has initiated an inquiry into the affairs of pharma major on the basis of a whistle-blower complaint.
The generic version is therapeutic equivalent to Organon's Ganirelix Acetate injection, 250 mcg/0.5 ml
The whistle-blower accused the company of committing corporate governance and tax-related lapses, besides other securities market-related violations
According to sources, alleged irregularities by the company's promoters and others in raising funds through FCCBs are also likely to be investigated by the watchdog
Sun Pharma's outlook remains muted amid multiple negatives
Sun Pharma stock is yet to recover from Wednesday's fall on the bourses when it hit a six-month low after a foreign brokerage firm raised concerns around corporate governance practices