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Aurobindo Pharma’s Cronus rethink is positive, but it needs to do more

Aurobindo Pharma terminated an agreement to acquire a majority stake in Cronus Pharma after the proposal stoked capital allocation concerns

August 24, 2021 / 09:30 AM IST
Aurobindo Pharma’s Cronus rethink is positive, but it needs to do more

Representative image

Shares of Aurobindo Pharma gained in Monday trading after it decided to terminate an agreement to acquire a majority stake in Cronus Pharma. The acquisition proposal along with the company's weak June quarter results riled investors. The stock lost a fifth of its value in less than 10 trading days after the announcement of the acquisition. The Rs 420 crore acquisition amounts to less than 8 percent of Aurobindo’s FY21 net earnings and is unlikely to have made a major dent to its finances. However, the...

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