Dishman Carbogen hits new low on rating downgrade, tanks 38% in 3 days

Rating agency India Ratings & Research downgraded the credit ratings outlook for long term and short term facilities of the company from "Stable" to "Rating Watch Evolving".

Shares of Dishman Carbogen Amcis tanked 9 per cent to hit a new low of Rs 64.75 on the BSE on Friday. The pharmaceutical company's stock has tanked 23 per cent in the past three days despite the company’s clarification on a report that the income tax (I-T) department found unaccounted cash during a search-and-survey operation last month.

Meanwhile, rating agency India Ratings & Research ("IndRa") downgraded the credit ratings outlook for long term and short term facilities of the company from "Stable" to "Rating Watch Evolving" ("RWE").

The RWE considers the search operations conducted by income tax