Drugmaker says arrest of P. Sarath Chandra Reddy not linked to his operations
Drugmaker says arrest of P. Sarath Chandra Reddy not linked to his operations
Shares of Aurobindo Pharma fell over 14% on Thursday to touch ₹464.20 each, a 52-week low on the BSE, after the Enforcement Directorate arrested whole-time director P. Sarath Chandra Reddy. fell for
Towards the end of the session, the stock recovered some ground and closed at ₹478.10 each or 11.69% lower than the previous close.
Earlier in the day, Aurobindo Pharma in a filing with the stock exchange said that Sri Reddy, who is part of the promoter group, has been arrested by the Enforcement Directorate. The company, however, did not mention the details of the case, saying it is in the process of ascertaining further details and making further disclosures as appropriate.
Later, in another filing, the company said that its arrest was not in any way connected with the operations of Aurobindo Pharma or its subsidiaries.