The income-tax department on Fiday conducted simultaneous searches at the offices and manufacturing facilities of Aurobindo Pharma, just ahead of the company’s board of directors’ meeting to discuss its third quarter results.
Company officials could not be reached for comment. Details of the search were not immediately available.
The searches, which began on Friday morning may continue on Saturday too, according to sources in the I-T Department, said PTI. News of the I-T raids brought down the Aurobindo stock 5.58% to R11.75 on the Bombay Stock Exchange.
In a statement to BSE said, the company said that the board meeting will now be held on February 13.
“The board meeting proposed on February 10 to consider, inter alia, the unaudited financial results of the company for the quarter ended December 31, 2011, has been postponed due to unavoidable circumstances,” the company said in a statement.