Surge in Sun Pharmaceutical's Put Options: 4,896 Contracts at Rs 1600 Strike Traded

Sun Pharmaceutical Industries Ltd has emerged as one of the most active stocks in the options market today, particularly in the put options segment. The company, operating within the Pharmaceuticals & Drugs industry, has seen significant trading activity in its put options with expiry set for May 29, 2025.
Notably, the put option with a strike price of Rs 1660 recorded 4,216 contracts traded, generating a turnover of Rs 748.50 lakhs, while the put option at a strike price of Rs 1600 saw 4,896 contracts traded, contributing Rs 467.30 lakhs to the turnover. The underlying value of Sun Pharma is currently Rs 1683.1, with open interest standing at 1,665 for the Rs 1660 strike and 770 for the Rs 1600 strike.

In terms of performance, Sun Pharma has underperformed its sector by 3.58%, marking a consecutive decline over the past five days with an overall return of -8.07%. The stock opened with a gap down of 2.81% today, reaching an intraday low of Rs 1623.6, reflecting a decrease of 6.95%. The weighted average price indicates that more volume was traded closer to this low price. Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, highlighting a trend reversal.

Investor participation has also seen a decline, with delivery volume dropping by 44.53% compared to the 5-day average. Despite these challenges, the stock remains liquid enough for trading, with a market cap of Rs 4,06,615.30 crore, classifying it as a large-cap entity. Overall, the activity in Sun Pharmaceutical's put options reflects a notable shift in market dynamics, warranting close observation.