Aurobindo Pharma under CBI scanner, stock plunges 8%

Aurobindo Pharma has plunged 8% at Rs 109 on reports that the Hyderabad-based pharmaceutical company is under Central Bureau of Investigation (CBI) scanner for alleged links with Y S Jaganmohan Reddy, MP and son of former Andhra Pradesh chief minister Y S Rajasekhara Reddy.

“The company is accused of getting land allotted for its unit in Special Economic Zones (SEZ) at a cheaper rate and contravening several rules," the report suggests.

A combined around one million shares have changed hands on the counter so far on the NSE and BSE.