ADVERTISEMENT

Aurobindo Pharma Stock Falls To Its Lowest Since 2020

The company's whole-time Director P Sarath Chandra Reddy has been arrested by the Enforcement Directorate.

<div class="paragraphs"><p>A batch of medicine bottles at a Aurobindo Pharma plant. (Source: Company website)</p></div>
A batch of medicine bottles at a Aurobindo Pharma plant. (Source: Company website)

Shares of Aurobindo Pharma Ltd. slumped to its lowest level since 2020, after the arrest of its whole-time director by the Enforcement Directorate.

The ED has arrested two company executives linked to the liquor trade in the money laundering investigation being conducted into the now-scrapped Delhi excise policy case, PTI reported, quoting official sources on Thursday.

The pharma company had earlier said that P Sarath Chandra Reddy, its whole-time director, has been arrested by the Enforcement Directorate, and it is in the process of ascertaining details.

The arrest of Reddy is “not in any way connected” with the operations of the company or its subsidiaries, the company said in the exchange filing.

Shares of the pharma company tanked 11.56% to close at Rs 478.80 apiece, while the benchmark Nifty 50 declined 0.71% on the NSE. The total traded quantity is 4.9 times the 30-day average.

Of the 32 analysts tracking the company, 26 maintain a 'buy', four suggest a 'hold' and two recommend a 'sell', according to Bloomberg data.

The average of 12-month consensus price target implies an upside of 34.1%.