The slump reduced Aurobindo’s market capitalization by about Rs 3,709 crore, dropping it from Rs 31,721 crore on November 9 to Rs 28,011 crore on Thursday. The stock dropped over 12% in afternoon trading to the lowest point of the year before rising to settle 11.7% lower at Rs 478 on the BSE than it had closed the previous day at Rs 541 per share.
In its initial statement, the business said that it had learned of Reddy’s arrest and that it was in the process of determining further specifics and would undertake subsequent disclosures as required. The corporation issued a statement claiming that the arrest had absolutely nothing to do with the business of the company or any of its subsidiaries after the stock took a dive.Source:- QuoraPanenka Venkata Ramprasad Reddy, a co-founder of Aurobindo Pharma and its former chairman, and K Nityananda Reddy, the current vice chairman and managing director of the business, created it in 1986. Sarath Chandra is Penaka Venkata Ramprasad Reddy’s son.With the public owning the remaining shares of Aurobindo Pharma, the promoter and promoter group owns 51. 83% stake in Aurobindo Pharma with the rest being held by the public.
