We investigate coherent pump–probe spectroscopy of a medium of atoms in Λ configuration with a closely placed adjacent excited level. The presence of the additional level results in two simultaneous Λ resonances excited by the same pair of pump and probe fields. A master equation framework is used to discuss the probe absorption spectrum and dispersion in the absence/presence of inhomogeneous broadening, and the results are illustrated by using a model four-level system in the D₂ transition of ⁸⁵Rb. The system is observed to exhibit additional interference effects arising from two competing Λ resonances. These effects manifest in terms of linewidths of the triplet dressed state spectrum and suppression of the subnatural peak for the stationary atoms. The effect on electromagnetically induced transparency is discussed in the light of its shape, position and linewidth. The discussion is further augmented by the study of a six-level model as applicable to the D₂ transition of ⁸⁵Rb. The analysis presented here provides a realistic theoretical description of the pump–probe spectroscopy of hyperfine transitions of alkali atoms.