Supriya Lifescience Ltd. saw its shares tumble by 9.55% in early trade on Monday, hitting a low of Rs 886. The significant market reaction follows the company's disclosure that judicial proceedings have been initiated against one of its senior officials.
General Manager Detained Under NDPS Act
The company informed the BSE on July 4, 2026, that Mr. Sreekant Sreedharan, General Manager of Sales & Marketing, was subjected to an investigation by the Special Investigation and Intelligence branch of the Customs Department. Subsequently, a Chief Metropolitan Magistrate (CMM) court granted judicial custody for Mr. Sreedharan until July 17, 2026.
Proceedings against the official were initiated under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985. Supriya Lifescience stated that the case involves a “procedural lapse involving a single export transaction of an identified product.”
Company Assesses Impact and Responds
In its official statement, Supriya Lifescience affirmed its commitment to maintaining the highest standards of corporate governance and regulatory compliance. The company is actively monitoring developments in the case and plans to disclose any further material information to stock exchanges as required.
While acknowledging the ongoing proceedings, the company indicated that, based on current information, the situation is not expected to have any material impact on its operations, financial position, or overall governance. Supriya Lifescience is currently evaluating the full implications of the proceedings and seeking appropriate legal counsel to determine its next steps. The matter is now before the competent court.