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.

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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.

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