Alkem Labs Refutes Tax Evasion Claims, Shares Recover From 12% Plunge

Alkem Laboratories Limited has categorically refuted allegations of tax evasion reported by the media, with its shares rebounding after a steep plunge.

What Happened: It was previously reported that authorities had found evidence of massive tax evasion at Alkem Laboratories. The firm said in an exchange filing that these allegations were “factually incorrect”.

Alkem Laboratories also clarified that it was unaware of any information that could have influenced the trading of its equity shares. The company further emphasised that the publication of these articles has no material impact on its operations.

See Also: Mark Zuckerberg To Attend High-Profile Ambani Wedding In India

Alkem Laboratories reiterated its commitment to compliance and transparency. The company highlighted its cooperation with the Income Tax Department officials during their survey proceedings in September 2023. It said it has also responded to certain queries from the IT department following the survey.

Price Action: Alkem Labs’ share price was down 6.5% at ₹5,069.35 in late afternoon trade, recovering from losses of around 12% earlier in the session.

Read Next: Vicco Turmeric, Nahi Cosmetic’: The Legal Battle Behind The Iconic Jingle

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesGovernmentNewsRegulationsRumorsLegalMarketsMoversTrading IdeasAlkem Laboratories