J. Vikesh Reddy. retweeted
Supriya Lifescience is down 10% today
The fall is mainly due to a disclosure regarding judicial proceedings involving one of the company’s personnel
Proceedings have been initiated against Mr. Sreekant Sreedharan, General Manager - Sales & Marketing, by the Special Investigation & Intelligence Branch of the Customs Department
The matter is under the NDPS Act, 1985 & relates to a procedural lapse in a single export transaction of an identified product
The company has clarified that, based on the information currently available, the proceedings are not expected to have any material impact on its operations
However, since the matter involves customs, market seems to be reacting cautiously
For now, this is not a business performance issue, but a governance / compliance related issue
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