Shares of basmati rice exporter KRBL today fell by nearly 3 per cent amid concerns over Income Tax Department search operations at the company's premises.
Shares of basmati rice exporter KRBL today fell by nearly 3 per cent amid concerns over Income Tax Department search operations at the company’s premises.
The stock fell by 2.80 per cent to settle at Rs 199.50 on BSE. During the day, it lost 4.99 per cent to Rs 195.
At NSE, shares of the company slipped 2.89 per cent to Rs 198.25.
“This is to put on record that as far as KRBL Ltd and the promoter directors of KRBL Ltd are concerned, no incriminating documents and/or undisclosed income was found,” the company had said in a regulatory filing yesterday.
The Income Tax Department conducted the search on March 30 to April 1 on the company and its promoter directors.
“This is to further inform you that the company is in the process of collating and responding to all the queries raised by the I-T authorities and is lending its fullest cooperation to the department in completing the enquiry,” KRBL said in the filing.
The company sells basmati rice under the brand name India Gate and has a strong presence both in India and abroad.