Dishman Carbogen slumps over 40% in six sessions

Dishman Carbogen Amcis was locked in a lower circuit limit of 20% at Rs 72.10, extending losses for sixth straight session triggered by the news of Income Tax searches at the company's premises.

In six sessions, the stock has corrected 42.77% from a recent closing high of Rs 126 on 16 December 2019.

On 19 December 2019, the officials of Income-Tax Department visited the company's head offices and manufacturing sites in connection with search under Section 142 of the Income-Tax Act on 19 December 2019 and search enquiry is continuing. The firm clarified after trading hours on Thursday, 19 December 2019, that this has no impact on its routine operations. After conclusion, the company will be able to update any material information/event.

Dishman Carbogen Amcis' consolidated net profit declined 6.5% to Rs 41.16 crore on 4% rise in net sales to Rs 449.79 crore in Q2 September 2019 over Q2 September 2018.

Dishman Carbogen Amcis offers a portfolio of drug development and commercialization services to the pharmaceutical and biopharmaceutical industries at all stages of drug development.

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