Shares of India’s Amrutanjan Health Care Ltd plunged as much as nearly 10% on Wednesday, a day after it said an anonymous whistleblower complaint alleged some senior management of “undue enrichment” and “conflict of interest.” Amrutanjan’s shares closed 1.4% lower on Tuesday after the company disclosed the allegations, and were down 8.7% as of 12.14 p.m. IST on Wednesday.
The complaint alleged “lapses by certain senior management employees including undue enrichment through marketing, advertising, and procurement activities, ethical concerns and conflict of interest, etc It added that auditing firm Deloitte Touche Tohmatsu India LLP was investigating the complaint and that it could not determine the impact, if any, on its results before the investigation was completed.
Amrutanjan did not immediately respond to a Reuters email seeking further details on the complaint, including if the company has conducted its own probe or if the managers were still employed with the company. The Chennai, Tamil Nadu-based company reported a nearly 48% year-on-year slide in profit after tax and an 11.8%
