Year of reckoning for India Inc: Sun Pharma saw its valuations sag in 2018

Dilip Shanghvi did not disclose details of loans citing business sensitivity

India’s largest pharmaceutical company, Dilip Shanghvi-led Sun Pharma saw its valuations tumble when a note titled “Murky Waters of Sun Pharma” by a foreign brokerage did the rounds on social media in November-end. The note talked of inadequate disclosures by the firm related to the role of Shanghvi’s brother-in-law and an executive director of Sun Pharma, Sudhir Valia, about Sun Pharma’s past links with dubious traders Ketan Parekh and Dharmesh Doshi, about related-party transactions involving Shanghvi and his family and guarantees given to a certain real estate firm, Suraksha Realty. 

Then, news of a whistle-blower lodging a complaint with market regulator