Alkem Labs shares fall 14% on reports of ₹1,000-crore tax evasion

Alkem Laboratories has denied media reports that had claimed it was involved in tax evasion worth ₹1,000 crore. Alkem Labs shares dived over 14% to hit their day's low of ₹4,652.95 before paring gains and closing at ₹5,060.30. Media reports claimed that Income Tax Department had discovered that Alkem Labs made bogus deductions for its Sikkim manufacturing units.