Sun Pharma promoters lose Rs 126 bn in 10 days over insider trading charges

Shares plunge to a five-year low

The country’s leading drug maker has lost more than Rs230 billion worth investor wealth in the past 10 days, with the stock plunging to a five-year-eight-month low on Wednesday, as it continued to fall in three consecutive trading sessions. The promoters, who hold a little over 54 per cent in the firm, have seen their wealth erode by Rs126.6 billion since November 26. 

The company’s valuations took a severe hit since the controversy around alleged lapses in corporate governance surfaced, with a note from a foreign securities firm doing rounds on social media platforms. This was corroborated by the Securities