Indian shares fall as allegations against Sun Pharma weigh [Reuters]
Wipro Limited (WIT)
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Source: Reuters
Indian shares fall as allegations against Sun Pharma weigh | Reuters 3 Min Read (Reuters) - Indian shares fell on Friday, dragged by Sun Pharmaceutical Industries Ltd after reports of fresh allegations by a whistleblower, though gains in Reliance Industries Ltd after strong quarterly earnings helped cap losses. Sun Pharma, India’s biggest drugmaker by market value, fell over 13 percent after a media report of a complaint by a whistleblower raised fresh concerns on the drugmaker’s corporate governance. The whistleblower complaint alleges that an Indian pharmaceutical manufacturer Aditya Medisales Ltd had transactions worth over 58 billion rupees with Suraksha Realty, controlled by Sun Pharma’s co-promoter Sudhir Valia. Sun Pharma did not immediately respond to a Reuters request seeking comment. Analysts feel that the downside risks to the markets are quite limited in the near term. “The budget indication is becoming clear - benefit of taxation coupled with the central bank cutting rate
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