Sun Pharmaceutical Industries Ltd.s shares on Friday plunged to a nearly six-year low to ₹375.40, down 12.12%, following fresh allegations of corporate governance norms violation.

Shares of the pharma major declined 8.52% to close at 390.75 on the BSE on Friday.

A magazine had reported about a second whistleblower filing a complaint with SEBI against Sun Pharmas promoters, seeking to probe certain transactions.

₹5,800-cr. transactions

The report claimed that Aditya Medisales Ltd., a key distributor of Sun Pharma products, had conducted transactions worth ₹5,800 crore with Suraksha Realty, a company owned by Sun Pharma executive director Sudhir Valia, between 2014 and 2017. Mr. Valia is also the brother-in-law of Sun Pharma promoter and managing director Dilip Shanghvi.

The contents of the reported complaint could not be verified as the document is not on public domain and SEBI officials declined to comment. As speculation mounted and shares plunged, Sun Pharma, in a letter to SEBI chairman Ajay Tyagi, informed that it had learnt about the complaint from media reports.

The said whistleblower documents and other confidential emails are being offered for inspection to institutional investors by one media house as per the report, which again, we are not privy to, Sun Pharma said in the letter.

In these circumstances, there is great asymmetry in the information circulating between analysts, investors and media leading to intense speculation. The availability of information contained in the whistleblower documents to a set of selective investors does put other investors, including retail investors in a disadvantageous position, the letter said.

We are concerned that certain entities/individuals are adopting unfair trade practice prejudicial to the interest of shareholders and other stakeholders. It is evident from the fact that shareholders value has been drastically eroded within a short span of time due to unsubstantiated complaint/allegation against the company and mala fide campaign launched by certain media houses, the letter added.

Sun Pharma has requested SEBI to examine the matter in its entirety and the role of some media houses and other stakeholders.

A first whistleblower had filed a complaint alleging wrong doing by the company and its promoters, with SEBI in November last year. The company had denied the allegation.

“We have received a whistleblower complaint against Sun Pharma.

At this point, all I would like to say is that we are examining the allegations of the whistleblower, Mr. Tyagi had said in December.