March 2 Ransomware Attack Causes Adverse Impact on Sun Pharma's Business, company Confirms.

 

Sun Pharmaceuticals Industries Ltd., India's largest drugmaker, has confirmed that it was hit by a ransomware attack on March 2. The attack resulted in a breach of certain file systems and the theft of company and personal data. Sun Pharma's business operations have been impacted, and its revenue in some businesses will be lower. The company is utilizing global cybersecurity experts to mitigate the impact of the incident. However, it is currently unable to determine other potential adverse impacts of the incident, including additional information security incidents and increased costs. The company will also bear expenses in connection with the incident and the subsequent remediation. Sun Pharma will acquire a 60 percent stake in animal healthcare company Vivaldis Health & Foods, investing Rs 143.3 crore. Credit Suisse has upgraded Sun Pharma to outperform from neutral and expects its revenue to grow at a Compounded Annual Growth Rate (CAGR) of 12 percent over financial year 2022-2025. The company's shares have corrected 9 percent from its 52-week high of Rs 1,072.