Alkem Laboratories shares slip nearly 2% after firm says I-T dept conducting survey at some offices and subsidiaries

Shares of Alkem Laboratories Ltd fell nearly 2% in early deals today after the firm said the income tax department was conducting a survey at some of the company's offices and subsidiaries. It also added that this action has no impact on the operations of the company. Alkem Laboratories shares slipped 1.61% intraday to Rs 3644.05 against the close of Rs 3703.70 on BSE in the previous trading session. Later, the stock recovered all the losses and traded 1.22% higher at Rs 3749.20 on BSE.

The pharma stock opened lower at Rs 3684.15 on Friday. Total 2890 shares of the firm changed hands amounting to a turnover of Rs 1.06 crore on BSE. Market cap of the firm stood at Rs 44,667 crore. The stock has a one-year beta of 0.4, indicating low volatility during the period.

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The company is fully cooperating with the tax officials and responding to the queries raised by them, Alkem said without disclosing more information on the searches. The statement on the tax survey came after market hours on Thursday.

"This is the only information that we are able to provide at this stage. Once the survey by the I-T Department concludes, the company will update the stock exchanges in case of any material information/ event," Alkem Labs added in the filing.

In terms of technicals, the relative strength index (RSI) of the stock stands at 49.1, signaling the stock is neither overbought nor oversold on technical charts. Alkem Labs shares are trading higher than the 5 day, 20 day, 100 day, 200 day moving averages but lower than the 30 day and 50 day moving averages.

The stock hit a 52-week high of Rs 4270.95 on August 10, 2023 and a 52 week low of Rs 2835.05 on March 2, 2023.

Alkem Laboratories Limited is engaged in the pharmaceutical business with global operations. The company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products. The company offers its products across various therapeutic areas, such as Anti Infective, Dermatology, Diabetology, Cardiology, Gastroenterology, Osteoporosis, Rheumatology, central nervous system (CNS), Oncology, Urology, Gynecology, and Vitamins, Mineral and Nutrition.