India’s biggest drug-making firm, Sun Pharmaceuticals Industries Ltd. was attacked by a ransomware attack on March 2. This terribly impacted the data security of the company and later resulted in the loss of business for the company.
Sun Pharma Under Cyber Attack
Sun Pharma Down: The attack on the pharmaceutical firm was later discovered to be a ransomware attack that breached the company’s data. Soon after the attack, the IT firm ceased the impacted IT assets.
The company has just now accepted that they have suffered critical damage due to the ransomware attack and it will adversely impact their business as well. However, the company informed us that the company didn’t suffer the loss of any major IT operations and systems.
Sun Pharma Down: The company is willing to recover from the cyber attack and for that, they are implementing advanced security measures to enhance its security. Now, Sun Pharma is bound to utilize global cyber security experts and enhanced security measures to improvise and deduce incidents like the one they faced on March 2.
Sun Pharma Down: Impact on its Shares
Sun Pharma started to lose its value soon after the news of the ransomware attack on March 2 got published in the market. The company suffered a loss of shares for two weeks straight. However, the company started to recover and is now in a healthy state.
Sun Pharma Down: The major reason that the company’s shares weren’t impacted drastically is that the ransomware attack didn’t affect core IT systems and operations. Here’s a graphical representation of how the shares of Sun Pharma went down after it suffered the ransomware attack.
Source: BSE
Sun Pharma: New Investment
Sun Pharma is ready to acquire an animal healthcare company, Vivaldis Health & Foods. The company will at first acquire 40 percent shares of the company. However, the company hasn’t dedicated any specific timeline for its new investment.
The acquisition might get completed by May 2023 as it might acquire all the shares of Vivaldis Health & Foods by then. Swiss bank Credit Suisse is expecting Sun Pharma to grow at a Compound Annual Growth Rate (CAGR) of 12 percent over the financial year 2022-2025.