Alkem Labs tanks 13%, sees biggest single-day fall in over 3 years on tax evasion allegation
Alkem Laboratories nosedived more than 13% on Monday, witnessing their biggest single-day fall in at least three years, following reports of a large-scale tax evasion by the drug major.
According to reports, Alkem Labs allegedly claimed over Rs 1,000 crore in bogus deductions.
In September last year, the tax department conducted surveys on the offices and premises of the company after receiving intelligence regarding a large amount of tax evasion.
The income tax department has found that the company has claimed bogus and excessive deductions for its manufacturing units in Sikkim. Many such deductions were claimed under various special sections like 80-IC, as per news reports.
Shares of the company were trading 12% down at Rs 4,787.25 amid strong volumes of more than 9,74,000 shares.
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