Drug firm Strides Pharma Science announced that Sangita Reddy will step down as an independent director of the company. Reddy is the joint managing director of the healthcare major Apollo Hospitals Group.
“In view of her vast corporate experience, the board has requested Sangita to consider the role of a strategic board advisor so that the board continues to benefit from her expertise,” Strides Pharma Science said in a regulatory filing.
Inspite of her pre-occupation as a successful entrepreneur, she contributed significantly to the company’s growth particularly when it was resetting its strategy, it added.
“Sangita was appointed as an independent director of the company for a period of five years at the 23rd annual general meeting held on September 9, 2014,” the company said.
Shares of Strides Pharma Science settled at Rs 400.35 apiece on the BSE, up 3.81 per cent from previous close.