Shares of Aurobindo Pharma tanked over 7 per cent today after the firm said its whole time P. Sarath Chandra Reddy, whole time director has been arrested by the Enforcement Directorate (ED). Aurobindo Pharma stock crashed 7.42 per cent to Rs 501.20 against the previous close of Rs 541.40 on BSE. Aurobindo Pharma shares have been losing for the last two sessions. Currently, the stock is trading 3.28 % higher than the 52 week low of Rs 494.75.
The pharma stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.┬а
“The company is in the process of ascertaining further details and will do further disclosures as appropriate,” Aurobindo Pharma said in a communication to BSE.
According to media reports, ED has made the arrest in connection with its money laundering probe into the alleged irregularities in the now-scrapped liquor policy of the Delhi Government. Benoy Babu, General Manager, International Brands, Pernod Ricard has also been arrested in conection with the case.
While Aurobindo Pharma is a major player in the generic drugs market globally, Pernod Ricard markets premium liquor brands such as Glenlivet.
Meanwhile, market cap of Aurobindo Pharma fell to Rs 29,411 crore on BSE. Total 2.37 lakh shares of the firm changed hands amounting to a turnover of Rs 12.29 crore on BSE. The stock hit a 52-week high of Rs 742.45 on January 11, 2022 and a 52-week low of Rs 494.75 on September 27, 2022.
The pharma firm will announce its Q2 earnings on November 12. The company reported a 32.4 per cent fall in consolidated net profit to Rs 520.5 crore in Q1 compared to Rs 770 in the first quarter of the last fiscal. Revenues from operations climbed 9.4 per cent to Rs 6,236 crore in Q1 compared to Rs 5,702 crore a year ago.
Also Read: Lupin shares seen rising up to 20% post Q2 earnings; here’s why
