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Akums Drugs share plummets 6% after IT Department conducts tax searches

Akums Drugs and Pharmaceuticals share price slumped 6.57 per cent at Rs 585 a piece on the BSE in Wednesday's intraday trade

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SI Reporter New Delhi

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Akums Drugs and Pharmaceuticals share price slumped 6.57 per cent at Rs 585 a piece on the BSE in Wednesday’s intraday trade. This came after the Income Tax Department conducted a search at its offices and its subsidiaries. 
 
“We would like to intimate that the Income Tax Department (“IT Department”) conducted search under the Income Tax Act, 1961 at the offices and manufacturing units of the Company and its subsidiaries. We have fully cooperated with the officials of the IT Department during the search and responded to the clarifications and details sought by them,” the company said in an exchange filing on Wednesday. 
 
 
Without specifying much details on the search, the company said that it will continue to provide any further information that may be required by the authorities.   ''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. We want to assure that our daily operations remain unaffected, and we continue to serve our partners, customers, and stakeholders with unwavering dedication. We remain committed to driving our organization's growth and creating value for all stakeholders while upholding the principles that define us,” the company’s spokesperson told Business Standard
 
Akums Drugs & Pharmaceuticals, founded in 2004 and headquartered in New Delhi, is a leading contract research and manufacturing organization (CRAM) in India. The company specializes in pharmaceutical and nutraceutical products, offering a diverse range of formulations, including tablets, capsules, injections, syrups, ointments, and nutraceuticals. Its products serve various therapeutic areas such as cardiology, dermatology, and diabetology.  
 
Akums operates manufacturing facilities certified by WHO-GMP, USFDA, and EU standards, partnering with over 500 pharmaceutical companies worldwide. With a strong emphasis on research and development, Akums focuses on innovating drug formulations and delivery systems, establishing itself as a trusted and prominent name in the global healthcare industry.
 
Akums Drugs has a total market capitalisation of Rs 9,278.38 crore. At 1:32 PM, the stock price of the company fell by 5.94 per cent at Rs 589 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.11 per cent to 75,919.42 level.
 

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First Published: Jan 22 2025 | 1:35 PM IST

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