Amrutanjan's shares closed 1.4% lower on Tuesday after the company disclosed the allegations, and were down 8.7% as of 12.14 p.m. IST on Wednesday.

The complaint alleged "lapses by certain senior management employees including undue enrichment through marketing, advertising and procurement activities, ethical concerns and conflict of interest etc," Amrutanjan said on Tuesday.

It added that auditing firm Deloitte Touche Tohmatsu India LLP was investigating the complaint and that it could not determine the impact, if any, on its results before the investigation was completed.

Amrutanjan did not immediately respond to a Reuters' email seeking further details on the complaint, including if the company has conducted its own probe or if the managers were still employed with the company.

The Chennai, Tamil Nadu-based company reported a nearly 48% year-on-year slide in profit after tax and an 11.8% fall in revenue from operations in the third quarter ended Dec. 31 on Tuesday after market hours.

($1 = 82.8600 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)