Dishman Pharma slips 7% on income tax survey woes

Moneycontrol Bureau

Shares of Dishman Pharma lost around 7 percent in intraday on Monday on concerns that an income tax survey was conducted in its premises. The survey was regarding sale of land worth Rs 42 crore.
"The company does not expect any material additional tax liabiltiy to emanate out of the survey findings," Dishman said in a BSE filing.
JR Vyas, chairman and MD said that tax men quizzed the company over tax exemption for a sale of land from Dishman SEZ to Dishman Pharma for Rs 42 crore. The exemption under (section) 80 existed then, but now the I-T is demanding tax for the same, Vyas tells CNBC-TV18. "We will take necessary action", he adds.
At 10:39 hrs, the stock was quoting at Rs 58.50, down Rs 3.05, or 4.96 percent on the BSE.