Sun Pharmaceutical Industries, India's largest pharma company and the fifth largest specialty generic company globally, is under a cloud. Its stock tumbled to a six-month low after various allegations of misgovernance and insider trading A note by Aussie brokerage firm Macquarie went viral on social media last Tuesday, creating a flutter among the investing community. Titled 'Murky Waters of Sun Pharma ', the note was widely circulated on WhatsApp. The note raised concerns over corporate governance practices at the company which the company has denied summarily.The note raised questions about inadequate disclosures regarding the role of promoter Dilip Shanghvi’s brother-in-law Sudhir Valia, Sun’s past links with banned traders Ketan Parekh and Dharmesh Doshi, related party transactions involving promoter Shanghvi and guarantees given to real estate firm Suraksha Realty. The note also questioned the selection of little-known London-based firm Jermyn Capital to manage Sun’s $275 million foreign convertible bond issue in 2004-07. Valia is a director in Sun Pharma.The company, however, denied all the allegations and said the information which was already available in the public domain had been portrayed in a way to indicate that something inappropriate had been done by the company.Just after the Macquarie note went viral, another set of sensational allegations against Sun Pharma came to light. It was revealed in a media report that a senior company executive had submitted a 150-page document to the Securities and Exchange Board of India (SEBI) in September alleging insider trading by the company through several foreign entities. These included Bomin Finance, First International Group Plc, Orbit Investments Plc, Sun Global Investments, Orange Mauritius Investments, Hypnos Fund Limited, Elm Park Fund, Asia Advantage Fund and ITF Mauritius, according to the report.Sebi is likely to reopen an insider trading case against Sun Pharma as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas, PTI has reported based on information from sources. In August 2017, Sun Pharmaceutical, its managing director Dilip Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges. Alleged irregularities by the company's promoters and others in raising funds through Foreign Currency Convertible Bonds are also likely to be investigated by the watchdog, according to the report.