share price tanked 12 percent to a 52-week low of Rs 102.50 on BSE in the morning trade on December 20, a day after the income-tax department “searched and surveyed” company’s properties.
According to a PTI report, 19 properties — 12 residential and seven offices — of the company, known as Dishman Group, were searched in Ahmedabad and around the city.
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, the UK and the US.
Group chairman Janmejay Vyas’s residence was also searched.Shares of the company were trading 9.96 percent down at Rs 104.85 on BSE at 1055 hours.
News Source : moneycontrol