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Aurobindo, Plethico rally post settlement over Natrol USA

Shares of Aurobindo Pharma gained more than 2 percent intraday and Plethico Pharmaceuticals rallied 20 percent on Thursday on settlement agreement related to acquisition of Natrol, USA.

April 09, 2015 / 14:57 IST
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Moneycontrol Bureau

Shares of Aurobindo Pharma gained more than 2 percent intraday and Plethico Pharmaceuticals rallied 20 percent on Thursday on settlement agreement related to acquisition of Natrol, USA.

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According to a media report, Aurobindo Pharma has alleged fraud by owners of Natrol bought by the company from Plethico Pharma, saying contracts worth USD 25 million were fictitious.

In a reply to the exchange today, Aurobindo Pharma said Natrol LLC owned by the company had approached the Delaware Bankruptcy Court on April 6, 2015 in respect of acquisition of assets of Natrol, USA regarding certain discrepancies and non-performance of obligations by erstwhile owners, Plethico.