Aurobindo Pharma shares tumble after arrest of director by ED 

Drugmaker says P. Sarath Chandra Reddy’s arrest not connected with its operations 

November 10, 2022 08:20 pm | Updated 10:12 pm IST - HYDERABAD

Aurobindo Pharma shares on Thursday slumped more than 14% intra-day to touch ₹464.20 each, which was also the 52-week low, on the BSE, after the Enforcement Directorate arrested whole-time director P. Sarath Chandra Reddy.

Towards the end of the session, the share recovered some ground and closed at ₹478.10 each or 11.69% lower from the previous close.

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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