Shares of India’s Amritanjan Health Care Ltd fell nearly 10% on Wednesday, a day after an anonymous whistleblower complaint alleged “undue enrichment” and “conflict of interest” by some senior management.
Amrutanjan shares closed down 1.4% on Tuesday after the company disclosed the allegations, and fell 8.7% on Wednesday as of 12.14 p.m. ET.
The complaint alleged “lapses by certain senior management staff including undue enrichment through marketing, advertising and procurement activities, ethical concerns and conflict of interest etc,” Amrutanjan said on Tuesday.
It added that auditing firm Deloitte Touche Tohmatsu India LLP was investigating the complaint and could not determine the impact, if any, on its results prior to completion of the investigation.
Amrutanjan did not immediately respond to an email from Reuters seeking further details on the complaint, including whether the company had conducted its own investigation or whether the managers were still employed with the company.
The Chennai, Tamil Nadu-based company reported a nearly 48% year-on-year decline in profit after tax and an 11.8% decline in revenue from operations for the third quarter ended December 31 on Tuesday after market hours.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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