Dishman Carbogen hits 52-week low, post IT-search operation

The share price of Dishman Carbogen Amcis Limited plunged 12 per cent; a day after the Income Tax (IT) Department conducted a ‘search and survey operation’ at the company’s head office and maintenance sites. As a result, the company’s stock fell below its previous 52-week low of Rs 110, touched on October 25, 2019 and also, hit a new 52-week low of 102.50 at the BSE on Friday.

The search was carried out on 19 properties of Dishman Group, which included 12 residential and 7 offices in and around Ahmedabad. The officials seized Rs 26 lakh cash and found 17 lockers along with the purchase of land certificates, donation receipts, etc. The operation was conducted under Section 142 of the Income Tax Act. According to a report, they were suspected to be involved in 'contract research' and manufacturing and ‘routing money through accommodation entries’.

Dishman Carbogen Amcis Limited is a multinational company specialised in the manufacture of active ingredients, bulk drugs and APIs for the pharmaceutical industry and is headquartered in Ahmedabad (Gujarat).  

The share of Dishman Carbogen is currently trading on BSE at Rs 109.00, down by 6.40 per cent or Rs 7.45 per share. The 52-week high is Rs 258.15 and 52-week low is Rs 102.50.