I-T dept conducts searches on Lux Industries premises in Kolkata; shares drop over 3%

The I-T department has reportedly alleged a tax evasion of Rs 200 crore by the company. The search is underway in multiple cities at premises linked to the company including Kolkata.

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Lux Industries shares were down 3.18 percent at Rs 1,471  a 14.07 IST after news of Income Tax department conducting searches at company’s remises in Kolkata emerged.

The I-T department has reportedly alleged a tax evasion of Rs 200 crore by the company. The search is underway in multiple cities at premises linked to the company including Kolkata. Offices and residences of top officials are also covered in the raids, news agency ANI reported citing sources.

Lux Industries confirmed that the IT Dept is conducting searches at its premises. Lux Industries also said that it is extending full support.  “The survey is yet to be concluded and we are unable to make assessment of its impact,” said Lux Industries.

As of 13.03 pm, one lakh Lux Industries shares changed hands on the exchanges which were equal to the company’s monthly traded average.

Lux Industries stock has lost 10 percent since January 1 and 19 percent in the last one year.

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The company’s net profit fell 57 percent Year-on-Year (YoY) to Rs 44 crore in the April-to-June quarter. Revenue for the company in the same period increased 23 percent YoY to Rs 715 crore. EBITD had declined by 1,300 basis points YoY to 6 percent in the April-to-June quarter.

Lux Industries is engaged in the business of manufacturing and marketing of innerwear, hosiery, and related apparel products. The company offers a wide range of products including underwear, vests, briefs, and thermal wear under various brand names such as Lux Cozi, Lux Venus, and Lux Cott’s Wool, among others.

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