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Shares of Eraaya Lifesciences on Tuesday jumped 5% to hit the upper circuit and its new all-time high of Rs 2,767.40 on BSE after the company informed the exchanges about the suspension of Robin Raina , Chairman and CEO of Ebix, after the acquisition of the latter. Eraaya Lifesciences on Monday announced its strategic restructuring after acquiring Ebix Inc, as part of which, the company has suspended Robin Raina in response to troubling reports of financial irregularities involving him, which pose a serious risk to the interests of all stakeholders.
“Accordingly, the Eraaya Board has unanimously resolved to initiate a comprehensive investigation under the supervision of a High-Powered Steering Committee, while suspending Mr. Raina from all key functional positions pending the investigation‘s outcome. Ebix Inc.
and all its subsidiaries will continue to grow as usual under the leadership of Mr. Karan Bagga , designated as the officiating CEO of Ebix Inc,” said the company in a filing to the exchanges. Also read: Tech Mahindra shares zoom 4% after CLSA upgrades stock to outperform, hikes TP to Rs 1,749 Additionally, the company has also informed of the other changes taking place as part of the restructuring process.
These include the reconstitution of the company’s leadership, the formation of an advisory board, the nomination of directors for Ebix, new employee incentive programs, the appointment of external experts and changes in the internal auditors of the company. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.com View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder- Indiacharts.
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The shares of Eraaya have given whopping returns of 2,733% in the last one year and 2,651% in the current calendar year. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel ).
