Aurobindo Pharma shares tumble after arrest of director by ED
The Hindu
Drugmaker says P. Sarath Chandra Reddy’s arrest not connected with its operations
Aurobindo Pharma shares on Thursday slumped 11.7% to ₹478.10on the BSE following the arrest of whole-time director P. Sarath Chandra Reddy by the Enforcement Directorate.
Earlier in the day, Aurobindo Pharma in a filing with the stock exchange said Mr. Reddy, who is part of the promoter group, has been arrested by the Enforcement Directorate. The company, however, did not mention details of the case stating it is in the process of ascertaining further details and make further disclosures as appropriate.
Later, in another filing, the company said his arrest was not in any way connected with the operations of Aurobindo Pharma or its subsidiaries.
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