Business Companies 17 Dec 2016 Aurobindo stocks dip ...

Aurobindo stocks dip on charges

DECCAN CHRONICLE.
Published Dec 17, 2016, 1:20 am IST
Updated Dec 17, 2016, 1:23 am IST
The stock closed down 3.80 points at Rs 691.05 after opening at Rs 685.
The stock closed down 3.80 points at Rs 691.05 after opening at  Rs 685.
 The stock closed down 3.80 points at Rs 691.05 after opening at Rs 685.

Mumbai: Shares of Aurobindo Pharma took a hit on Friday following media reports that 20 U.S. states have filed a lawsuit against the company alleging price manipulation of two drugs.

The stock closed down 3.80 points at Rs 691.05 after opening at  Rs 685.
It sank 4.25 per cent to Rs 665.35 and  by noon it was trading at Rs 674.45, down 2.94 per cent .

 

The 20 US states had filed suits in a US district court against six drug manufacturers, including Aurobindo Pharma, for purported price manipulation of doxycycline hyclate, an antibiotic, and glyburide, a drug used for treatment of diabetes.

In a clarification sought by the BSE Aurobindo Pharma said it had received a subpoena in March 2016 requesting non-product specific information and they had cooperated with the Department of Justice on the issue, and provided relevant documents.

They had no received any further requests nor any further subpoena. Then on December 15 they became aware of the complaint from numerous states.

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