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Aurobindo Pharma Ltd's stock fell 5.67 per cent on the BSE on Friday on reports of Income-Tax Department raids and sudden cancellation of board meeting.
After opening for trade at Rs 117.30 the scrip of Hyderabad-based company closed at Rs 110.65.
The company informed the BSE late in the afternoon that the board meeting scheduled to be held on Friday to consider the un-audited financial results for the quarter ended December 31, 2011, has been postponed to February 13 due to ‘unavoidable' circumstances.
According to reliable sources in the IT Department, its sleuths raided company's factory and office in Bachupally and the corporate office located in the city early in the morning. There was no response from the company.
nagsridhu@thehindu.co.in
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