By Malvika Gurung
Investing.com — Shares of the pharmaceutical manufacturer Aurobindo Pharma (NS:) crashed and hit a new 52-week low of Rs 464.2 on Thursday, following reports of the company’s director being arrested by the Enforcement Directorate.
At the time of writing, the pharma major’s stock was trading 12.98% at Rs 471.1 apiece.
In a regulatory filing on Thursday, Aurobindo Pharma said that it has learnt about the arrest of the Whole Time Director / Promoter Group of the company, P. Sarath Chandra Reddy by the Enforcement Directorate.
“The company is in the process of ascertaining further details and will do further disclosures as appropriate,” it added.
The Enforcement Directorate has arrested two executives in the money laundering investigation under the now-scrapped Delhi Excise Policy case.
The businessmen have been identified as Sharath Chandra Reddy of the Hyderabad-headquartered Aurobindo Pharma and Binoy Babu of the French spirits giant Pernod Ricard (EPA:).
The country’s federal financial crime agency had conducted searches at their premises and already questioned them twice, following their arrests late on Wednesday night, under the Prevention of Money Laundering Act (PMLA).
The two executives will be put forth a special court later on Thursday in Delhi, stated reports.
The probe agency has already conducted several raids so far in the Delhi Excise Policy case, including the arrest of Sameer Mahandru, the MD of a liquor manufacturing…
