Sun Pharmaceuticals managing director Dilip Shanghvi told in an interview that executive director Sudhir Valia “has decided to focus more of his time on pursuits outside Sun, but he continues to be a valuable resource for the company.”
Sun Pharma has lost nearly $1 billion in valuation in the last six months over corporate governance concerns that have led to changes at the company. The stock has slumped to a six-year low, having dropped 29% since October as the company faces investigation by the Securities and Exchange Board of India (SEBI) over a whistleblower complaint.
MD Dilip in a statement said, “Mr Sudhir Valia has been a key member in helping steer Sun where it is today. Over the last couple of years, Mr Valia has decided to focus more of his time on pursuits outside Sun, but he continues to be a valuable resource for the company.”
Sun has discontinued its domestic business tie-up with Aditya Medisales, recalled loans to third parties and set up an internal committee to examine corporate governance.
Read EquityPandit’s Sun Pharma Outlook for the Week