Aurobindo Pharma Fall 11.70 %, making a 52-week low at 464.20.
- Aurobindo Pharma director Sarath Reddy had been taken into custody by the Enforcement Directorate (ED) in connection with the Delhi Alcohol scam.
- Aurobindo Pharma Limited has submitted the disclosure to the Exchange stating that the reason Aurobindo Pharma director Sarath Reddy was taken into custody by the Enforcement Directorate (ED), is not related to the processes of Aurobindo Pharma Limited or its subsidiaries.
According to various sources, the Enforcement Directorate (ED) has arrested two company officers in connection with the alleged irregularities in the now-scrapped Delhi excise policy.
The two company officers, Sarath Chandra Reddy from Aurobindo Pharma group and Binoy Babu of the wine and spirits company Pernod Ricard were arrested under the Prevention of Money Laundering Act.
On Thursday, a local court remanded both accused to ED custody for seven days.
After this incident, the stock of Aurobindo Pharma drastically fall on the live market on 10th November 2022.
Yesterday on 10th August 2022, the stock of Aurobindo Pharma falls from 539 to 464 (down by Rs 75) which is more than 11% on the live market.
The stock of Aurobindo Pharma hit the lower circuit and created 52 week low at 464.20.
In regards to response to this incident, Aurobindo Pharma has submitted the disclosure to the Exchange stating that the company also come to know that Mr. P. Sarath Chandra Reddy, Whole Time Director / Promoter Group of the Aurobindo Pharma, was arrested but the reasons for this is not related to any operations of Aurobindo Pharma Limited or its subsidiaries.
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