Surge in Active Put Options for Sun Pharmaceutical at Rs 1640 Strike with 16,541 Contracts

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 & Biotechnology industry, has seen significant trading activity in its put options with an expiry date set for May 29, 2025.
Notably, the put option with a strike price of Rs 1640.0 led the activity, with 16,541 contracts traded and a turnover of approximately Rs 925.95 lakhs. Following closely, the put option at Rs 1660.0 recorded 13,121 contracts traded, generating a turnover of Rs 1,058.53 lakhs. Other strike prices, including Rs 1620.0 and Rs 1600.0, also saw considerable trading volumes of 9,210 and 13,634 contracts, respectively.

Despite this activity, Sun Pharmaceutical's stock has underperformed, falling 2.31% against its sector today and experiencing a consecutive decline over the past two days, with a total drop of 3.68%. The stock opened with a gap down of 3.53% and reached an intraday low of Rs 1636.6, reflecting a 4.78% decrease. Currently, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.

With an underlying value of Rs 1670.7 and an open interest of 1,184 for the Rs 1620.0 strike price, the liquidity remains adequate for trading, supported by a delivery volume of 15.3 lakhs, which has increased by 1.76% compared to the 5-day average. Overall, the activity in Sun Pharmaceutical's put options highlights a notable trend in the current market environment, reflecting investor behavior amidst recent stock performance challenges.