Liquor firm Radico Khaitan has categorically refuted media reports that the comptroller and auditor general (CAG) of India has allegedly pulled it up over underpayment of excise duty by the firm.

What Happened: The Magic Moments maker said it was in compliance with all legal requirements, including India’s revenue laws and has not received any notice of any irregularity in the matter.

“Henceforth, we find lack of accuracy in the information presented in these media articles,” the alcoholic beverage maker said in an exchange filing.

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Some media reports had suggested that the CAG had found that the company had evaded taxes to the tune of ₹1078.09 crore during an examination of the records of consumption figures for molasses, grain and barley malt and its income tax returns.

Price Action: Radico Khaitan shares were trading sideways on Tuesday, with its shares down 0.1% at ₹1,258.60 in morning trade on Tuesday.

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