Akums Drugs and Pharmaceuticals Ltd disclosed that the Income Tax (I-T) Department had recently conducted a search at the company’s offices and manufacturing units along with its subsidiaries. Following this development, the company’s stock price closed down by 7 per cent at ₹581.75 on the BSE on Wednesday.
In response to the search conducted by the I-T Department, Akums Drugs and Pharmaceuticals Ltd stated that they had fully cooperated with the officials and provided the necessary clarifications and details as requested. The company assured that its business operations are continuing as usual, albeit facing some minor disruptions.
As a contract manufacturing and development organization, Akums emphasized its commitment to adhering to legal and regulatory requirements to ensure complete compliance and build trust among stakeholders. The company communicated that they are cooperating fully with the Department during the review process and remain dedicated to supporting the investigation.
The company’s share price decline followed the news of the I-T raid, with the market reacting to the ongoing developments. Despite the temporary setback, Akums Drugs and Pharmaceuticals Ltd remains focused on maintaining transparency and compliance in its operations to uphold its reputation in the industry.
