Avon Lifesciences' stock down over 12% after police summon directors

The share price of Avon Lifesciences has been taking a beating since since Rs 2,000-crore of ephedrine was seized at the company's Chincholi factory in Solapur. 

On Monday, the company's stock closed over 19% down, and markets remained shut on Tuesday on account of Mahavir Jayanti.

On Wednesday, the stock price opened down over 8% in early trade, shedding over 12% quickly on the BSE.

At 1022 hours, the company's stock was down 12.80% or Rs 2.95 down at Rs 20.10 from the previous close.

The stock price continued to take a beating on Wednesday after the two directors of the company were summoned by the police in the drug seizure case. However, the date of the questioning of the two directors hasn't been revealed yet. 

The police claim to have identified the man linked to the firm who was allegedly operating a drug trafficking racket.

On Tuesday, the company had denied any wrongdoing and claimed it has valid licences and statutory registrations for making, stocking and selling all products manufactured at its Solapur unit.