Avon Lifesciences shares slump 20% amid drug seizure buzz

Shares of Avon Lifesciences nosedived 20 per cent today amid reports of drug seizure involving the company.

The stock crashed 19.97 per cent to Rs 23.05 -- its lowest trading permissible limit for the day-- on BSE.

As per reports, cops have raided Avon Life godown and seized drug worth over Rs 2,000 crore.

Meanwhile, in a clarification to BSE, Avon Lifesciences today said, "The company is cooperating with the relevant investigating authorities and the FDA to get to the facts around this incident."

"The company wants to assure all stakeholders that we have all valid licences and statutory registrations for manufacturing, stocking and sale of all products manufactured at our Solapur site. Also all the material has been accounted for and stocked with due notice to concerned statutory authorities," the filing added.
 

It further said that the concerned matter revolves around theft of some material and we are ascertaining the same in active cooperation with the investigating authorities.

Suffice to say that the company and its management is cooperating in the matter with the relevant authorities, the filing added.