Alkem Laboratories Limited has informed the Exchange about a cyber security incident involving a US subsidiary of Enzene Biosciences Limited, a subsidiary of the Company.
ALKEM · price
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On the reaction day the stock moved 2.6 pts less than Nifty Midcap 150 and 1.9 pts less than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Alkem Laboratories informed the exchanges that its subsidiary Enzene Biosciences has detected a cyber security incident at its US subsidiary. Business email IDs of certain employees at the US subsidiary were compromised, which led to a fraudulent transfer of funds. The exact amount involved is still under investigation. Enzene has engaged independent external agencies to investigate the matter, and their report will be submitted to the Boards of both Enzene and Alkem. The company is also filing complaints with relevant government and regulatory authorities in connection with the incident.
This is a negative disclosure that may cause short-term concern among investors, but the financial impact depends on the quantum of the fraudulent transfer, which is still being determined. Investors should watch for the investigation report and any further updates on the size of the loss.