The Income Tax Department on Friday conducted raids on Lux Industries over allegations of tax evasion of more than Rs 200 crores, reported ANI. Citing sources the news agency reported that the search is underway in multiple cities at premises linked to the company, including Kolkata. Offices and residences of top officials are covered in the raids.
As the news broke, shares of the company slipped over 3 per cent. At the closing bell, shares settled at Rs 1471.25, down 3.22 per cent from the last closing session.
As per the agency, Lux Industries said, “We would like to submit that survey is being conducted at our premises and the company is extending its full cooperation to the authorities. We would like to further inform that as the survey is yet to be concluded we are unable to make an assessment of its impact. Once the survey concludes, the Company will update the Stock Exchanges, in case there is any material impact resulting from the above survey.”
On raids by the Income Tax Department, Lux Industries say, “We would like to submit that survey is being conducted at our premises and the company is extending its full cooperation to the authorities. We would like to further inform that as the survey is yet to be concluded we…
— ANI (@ANI) September 22, 2023
According to a Moneycontrol report, Lux Industries stock has lost around 10 per cent since January this year and 19 per cent in the last one year.
Lux Industries’ net profit fell 57 per cent year-on-year to Rs 44 crore in the April-June quarter, while revenue increased 23 per cent to Rs 715 crore. EBITD declined by 1,300 basis points year-on-year to 6 per cent in the quarter. Lux Industries is india’s leading manufacturer and marketer of innerwear, hosiery, and related apparel products. The company offers a wide range of products under various brand names such as Lux Cozi, Lux Venus, and Lux Cott’s Wool.