India's Sun Pharma Advanced Research falls after IT security incident

Sun Pharma Advanced Research

27/03/2023 07:13

** Shares of Sun Pharma Advanced Research Co  SPRC.NS  fall
as much as 2% to 169.7 rupees
    ** Clinical-stage bio pharma co says IT security incident
occurred earlier this month and steps are taken to contain and
mitigate its impact 
    ** Says there could be potential breach of certain file
systems and theft of data
    ** Adds it may incur expenses in connection with the
incident and remediation, but currently unable to determine
costs and other potential adverse impacts 
    ** Parent Sun Pharmaceutical Industries  SUN.NS  up 1.4%
despite saying it expects revenues in some of its businesses to
be reduced due to the IT incident
    ** SPRC and SUN down ~17% and ~3% respectively this year, vs
5.5% decline in the Nifty Pharma Index  .NIPHARM  

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))