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

Alkem Laboratories

26/02/2024 07:26

** Shares of Alkem Laboratories  ALKE.NS  down 10% at
4,879.05 rupees
    ** ALKE set for worst day in nearly four years
    ** India's income tax department has found "bogus" tax
claims worth over 10 bln rupees ($121 million), India Today
reports, citing sources
    ** IT department and ALKE did not immediately respond to
Reuters' requests for comment
    ** ALKE was down ~1% before the report
    ** Trading volume 2.5x the 30-day moving average
    ** Avg rating of 22 analysts on ALKE is "hold"; median PT is
4,716 rupees - LSEG data
    ** Stock down 6.2% YTD after rising 74.5% in 2023
    


($1 = 82.8720 Indian rupees)

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