Lux Industries Shares Down 3% After Income Tax Raid
Shares of Lux Industries fell 3.18% to Rs 1,471 on September 22, 2023, after news emerged that the Income Tax department had conducted searches at the company’s premises in Kolkata and alleged a tax evasion of Rs 200 crore.
The company confirmed the searches and said it was extending full support. The stock has lost 10% since January 1 and 19% in the last one year.
Lux Industries’ net profit fell 57% to Rs 44 crore in the April-to-June quarter, while revenue increased 23% to Rs 715 crore. EBITD declined by 1,300 basis points to 6% in the same period.
Lux Industries is a manufacturer and marketer of innerwear, hosiery, and related apparel products. It offers a wide range of products under various brand names, including Lux Cozi, Lux Venus, and Lux Cott’s Wool.
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