By Ankit Gohel IST (Updated)
Mini
Share of Dishman Carbogen Amcis, Active Pharmaceutical Ingredient (API) manufacturer, plunged over 42 percent in the last six sessions after Income Tax Department conducted a day-long 'search and survey operation' at the company's properties.
Share of Dishman Carbogen Amcis, Active Pharmaceutical Ingredient (API) manufacturer, plunged over 42 percent in the last six sessions after Income Tax Department conducted a day-long 'search and survey operation' at the company's properties.
On Tuesday, the stock hit lower circuit of 20 percent, touching 52-week low of Rs 72.10 apiece. It lost as much as 72 percent of its value from its 52-week high of Rs 258.15 on June 11, 2019.
According to a PTI report, a total of 19 properties, including 12 residential and seven offices of the Group, were searched in and around the city on December 19. The I-T Department seized Rs 26 lakh and attached 17 bank lockers, the report added.
The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in "routing money through accommodation entries", the report said citing an official.
In a regulatory filing last week, the company informed about the I-T searches and said: “As a law abiding corporate, the company is extending all co-operations in this regard. We would further like to clarify that this has no impact on our routine operations. After conclusion, the company will be able to update the stock exchanges in case of any material information/event.”
The I-T Department also conducted searches at the residence of Janmejay Vyas, chairman of the Group. Dishman Carbogen owns 16 companies in foreign countries including Switzerland, China, UK and US.
First Published: IST
