Tycoon Aims to Fix Crisis at Sun That Burnt $3 Billion Value (1)

Jan. 22, 2019, 2:22 PM

Sun Pharmaceutical Industries Ltd. announced a set of changes early Jan. 22 as it rushed to contain a spiraling corporate governance crisis that has erased more than $3 billion of market value in under two months.

Distribution of its local drug business will move to one of its wholly-owned subsidiaries from Aditya Medisales, a firm controlled by Sun’s billionaire founder-owner Dilip Shanghvi, India’s largest drugmaker said in a filing. The company will also unwind $345 million of loans that have drawn investor scrutiny and appoint a new auditor at some of its units.

Dilip Shanghvi
Photographer: Kuni Takahashi/Bloomberg

The company also denied extending any ...

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