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Dishman Carbogen slips 42% in six sessions on I-T raid

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Shares of Dishman Carbogen Amcis declined for the sixth straight session on Tuesday amid reports that the Income Tax Department conducted a day-long 'search and survey operation' at the properties of the company on December 19. A report by PTI last week stated that a total of 19 properties -- 12 residential and seven offices -- of the group, commonly known as Dishman Group, were searched in and around the city.

A sum of Rs 26 lakh was seized and 17 bank lockers were attached, PTI reported quoting a senior I-T department official. The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in “routing money through accommodation entries”, the report added. The scrip declined nearly 42 per cent in six-sessions to hit an intraday low of Rs 73.65 on December 24. The company last week informed the bourses that officials from Income-Tax Department had visited the company's head offices and manufacturing sites in connection with search under Section 142 of the Income-Tax Act on 19th December 2019 and search enquiry is continuing.

As a law abiding corporate, the company is extending all co-operations in this regard. “We would further like to clarify that this has no impact on our routine operations.

After conclusion, the company will be able to update the Stock Exchanges in case of any material information/event,” it added. The group mainly manufactures bulk drugs, APIs and is also involved in `contract research' and manufacturing. It owns 16 companies in foreign countries including Switzerland, China, UK and US. Searches were also conducted at the residence of Janmejay Vyas, chairman of the group. His son Arpit Vyas, who is the MD and CFO of the group and currently in Switzerland, is also under the scanner.




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