Aurolife Pharma LLC, a step-down wholly owned subsidiary of Aurobindo Pharma Ltd in USA and Mr. P.V. Ramprasad Reddy, Director have been made party to a litigation proceeding in the United States of America and a copy of proceeding is yet to be received by the company.
The company denies all the contentions and allegations set out and alluded to in the media report.
On preliminary examination of the compliant, the Company has been advised by its legal advisors that the case appears to be devoid of merits and consists of baseless allegations against the Company, Aurolife and Mr. P.V. Ramprasad Reddy alleging fraud, negligent misrepresentation and the failure of the Company and Aurolife to fulfill their obligations, under a supply contract entered into with the Company.
Shares of AUROBINDO PHARMA LTD. was last trading in BSE at Rs.624.3 as compared to the previous close of Rs. 654.1. The total number of shares traded during the day was 330322 in over 13483 trades.
The stock hit an intraday high of Rs. 655 and intraday low of 621.45. The net turnover during the day was Rs. 209683492.