Supriya Lifescience shares fell sharply on Monday, touching a day’s low of Rs 859 on the BSE after a senior official faced NDPS proceedings.

In a filing dated 4 July, Supriya Lifescience said an investigation was launched against Sreekant Sreedharan, its General Manager for Sales and Marketing, by the Special Investigation and Intelligence branch of the Customs Department.

Following this, a magistrate’s court granted judicial custody until 17 July. The company said the proceedings relate to the Narcotic Drugs and Psychotropic Substances Act, 1985, and stem from what it called a procedural lapse in a single export transaction involving an identified product.

Supriya Lifescience clarified that the officer concerned is currently under judicial detention. The company was quick to reassure investors.

It said that, based on information available so far, the proceedings are not expected to have any material impact on its operations, financial position or governance.

Supriya Lifescience added that it is evaluating the legal implications of the matter and taking appropriate advice, and will inform the exchanges of any further developments as required.

This isn’t the first sharp fall for the stock this year. Supriya Lifescience had also dropped 14% in a single session back on 2 June.

The stock had touched a 52-week high of Rs 1,085.50 on 1 June, a level that now looks a long way off after today’s slide.

Supriya Lifescience shares closed at Rs 865.75 on the BSE, down 11.62% for the day, extending a rough patch for the stock in recent weeks.

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