India's Alkem Labs falls after report of $121 mln tax evasion

Alkem Laboratories

26/02/2024 09:09

(Adds company's response, updates shares)
    ** Shares of Alkem Laboratories  ALKE.NS  down 7% at
5,039.90 rupees
    ** ALKE fell more than 14% earlier, its biggest intraday
decline since March 2020
    ** India's income tax department found "bogus" tax claims
worth over 10 bln rupees ($121 million), India Today reports,
citing sources
    ** ALKE denied allegations in an exchange filing
        ** "Fully cooperated with the Income Tax Department
officials during their survey proceedings in September 2023" -
ALKE
  
    ** IT department did not immediately respond to Reuters'
request for comment
    ** Nearly 2.1 mln shares change hands, its busiest session
since August 2020
    ** Avg rating of 22 analysts on ALKE is "hold"; median PT is
4,716 rupees - LSEG data
    ** Stock down 3% YTD after rising 74.5% in 2023
    


($1 = 82.8720 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))