Alkem Labs Hacked, Rs 52 Crore Gone: Stock Plunges

15 Jan 2024 , 03:06 PM

On Monday, January 15, 2024, the company’s stock fell in morning trades following the announcement that Alkem Labs had suffered a loss of Rs 52 crore as a result of a cyber security incident. 

The company disclosed that several employees of a subsidiary had their business email addresses stolen in an exchange filing on Friday.

Following the incident, the corporation lost 52 crore rupees. The business claimed to have taken all required action in this regard. 

In accordance with Alkem Labs’ filing, the sum in question ‘did not cross the quantitative thresholds of materialty as per the Company’s Policy on Determination of Materiality of Events or Information’

‘Whilst, the report concluded that the impact of the incident did not extend beyond the above-mentioned amounts, the Board of Directors at its meeting held today i.e. 12th January, 2024, decided that in the interest of transparency and as a matter of good governance, this cyber security incident should be reported to the stock exchanges,’ according to the filing.

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