Multiple Income-Tax Raids On Apollo Group Hospitals

Chennai; Jan.6: The income tax department conducted raids across various premises of Apollo Hospitals Enterprises Ltd on Tuesday.

"Yes, we are conducting raids across various places of Apollo Hospitals," a senior official income tax official in Chennai said on condition of anonymity.

The official declined to give further details.

"The IT department visited our hospitals today and we extended our complete cooperation to them," Apollo said in a statement.

"We have always conducted ourselves with the highest degree of diligence and would like to reassure our patients, shareholders and stakeholders that we shall uphold their trust and faith in us."

The Chennai-based company runs 64 hospitals with at least 10,000 beds besides 2,200 pharmacies and a network of clinics. Malaysia-based IHH Healthcare Bhd holds a 10.85% stake in Apollo Hospitals.

Shares of the company rose 1.35% to Rs.1,466.75 at the close of trading on the BSE on a day the benchmark Sensex fell 0.17% to 25,580.34 points.

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