Alkem Labs encountered a dip in its stock in the first trading session after revealing a loss of Rs 52 crore due to a cybersecurity breach. As of 10:13 am on Monday (January 15, 2024), Alkem Labs was trading down by 0.54%, or Rs 27.45, at Rs 5022.75.
The pharmaceutical company disclosed the breach in an exchange filing on Friday, citing compromised business email-ids of some employees in a subsidiary. The cybersecurity incident resulted in a loss of Rs 52 crore, with the company asserting that all necessary measures had been taken to address the matter.
Despite the loss, the company clarified in a filing that the amount involved did not exceed the quantitative thresholds of materiality as per its policy. The Board of Directors, in a meeting on January 12, 2024, decided to report the cybersecurity incident to stock exchanges in the interest of transparency and good governance.
