Aurobindo Pharma calls off agreement to pick stake in Cronus; stock up 6%

Shares of Aurobindo Pharma zoomed 6 per cent at Rs 720.60 on the BSE in the intra-day trade on Monday after the company terminated the agreement to acquire 51 per cent ownership in Cronus Pharma.

Aurobindo Pharma, on August 12, 2021, had entered into binding agreements with Cronus Pharma Specialities India Private Limited for acquisition of 51 per cent ownership in Cronus Pharma by subscribing to 95 million equity shares of Rs 10 each at a premium of Rs 34.18 per equity share aggregating to Rs 420 crore.

Since August 12, in the past six trading days, the stock of Aurobindo has