Sun faces the heat as Q4 profit halves; Valia's role reduced
New Delhi, May 31 -- Sun Pharmaceutical Industries Ltd reported a 53% drop in quarterly profit after it took a '1,085 crore one-time charge, following a corporate governance scandal that also led to founder Dilip Shanghvi's brother-in-law moving to a non-executive role. Net profit fell to '635.9 crore in the quarter ended 31 March from '1,342 crore in the year earlier, India's largest drug maker said in a stock exchange filing on Tuesday, 28 May. Sudhir Valia, brother-in law of Shanghvi, became a non-executive director from wholetime director with effect from Wednesday. The move follows corporate governance allegations related to Valia raised by a whistleblower. Sun Pharma now faces an investigation by the Securities and Exchange Board of I...
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