Aurobindo Pharma shares plunge on CBI chargesheet
Kingfisher employees have stopped short of saying that they would strike work in their letter to Vijay Mallya, the company chairman.
Shares of drug maker Aurobindo Pharma came under selling pressure after the company’s managing director was named in a chargesheet filed by the Central Bureau of Investigation (CBI).
On 31 March, the CBI had filed a chargesheet against YSR Congress chief YS Jagan Mohan Reddy and 12 others in an alleged disproportionate assets case, accusing him of getting investments of several crores from firms into his own business as part of quid-pro-quo when his father was the chief minister.
Aurobindo Pharma MD K Nityananda Reddy has also been named in the chargesheet.
"Aurobindo has not invested any money in any of Mr Jagan Mohan Reddy’s companies. It is clear. The promoters in terms of their investments, it is outside the purview of the company. Aurobindo has not involved in any of the investments with any of Mr Jagan’s companies," the company said in a statement to the Press Trust of India.
At 10 am, shares of Aurobindo Pharma traded 7% lower at Rs 110.40 on the BSE, while the Sensex traded 50 points or 0.3% higher at 17,454.
(With inputs from PTI)
