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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.
Stock of Lux Industries slumped 4.55% intraday to Rs 1451 against the previous close of Rs 1520.20 on BSE.
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Lux Industries said it will increase its marketing spends between 6% and 8% of its revenues to enhance the brand presence