Johannesburg - Shares of Cipla Medpro South Africa [JSE:CMP] tumbled more than 10% at the
start of trade on Thursday after the drug maker said it had suspended its chief
executive.
Cipla said in a statement late on Wednesday it had suspended
Jerome Smith pending an investigation into “serious allegations” which it did
not disclose.
Separately, Cipla on Thursday reported a 31% increase in first-half
earnings.
Shares of the company were down 10.63% to R7.40, their lowest level since June 22.
* Follow Fin24 on Facebook, Twitter and Google+.