India's Amrutanjan Health Care sinks to 21-mnth low on whistleblower charges

Amrutanjan Health Care

15/02/2023 07:01

** Shares of Indian balm-maker Amrutanjan Health Care Ltd
 AJAN.NS  fall as much as 9.29% to 636.70 rupees - lowest since
May 10, 2021
    ** Co sees steepest intraday loss since Aug. 16, 2022
    ** The anti-headache roll-on maker reports a near 48% plunge
in Q3 PAT to 107.1 mln rupees ($1.29 mln)
    ** Rev from ops falls 11.8% to 976.5 mln rupees
    ** Co says it received anonymous whistleblower allegations
concerning senior management 
    ** Allegations pertain to "lapses, including undue
enrichment through marketing, advertising and procurement
activities, ethical concerns and conflict of interest" - AJAN
    ** Co says it has initiated forensic investigation by
Deloitte Touche Tohmatsu India LLP
    ** Shares trading below 50-day and 100-day moving averages 
    ** Stock slid ~24% in 2022
($1 = 82.8650 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))