Akums Drugs and Pharmaceuticals Ltd said, the Income Tax (IT) Department had conducted a search at the offices and manufacturing units of the company and its subsidiaries.
The company’s stock price ended down 7 per cent at ₹581.75, on the BSE, Wednesday.
“We have fully cooperated with the officials of IT Department during the search and responded to the clarifications and details sought by them. We will continue to provide any further clarification/information that may be required,” the company told the stock exchange. “The business operations of the company continue as usual except some minor hiccups,” it added.
A contract manufacturing and development organisation, Akums said in a communication to the media, “Our procedures and documentation strictly adhere to legal and regulatory requirements, ensuring complete compliance and fostering trust among stakeholders. While the matter remains under review, we have fully cooperated with the Department and are committed to supporting the process.”