Read why Lux Industries shares slipped by 4%
Lux Industries shares slipped 4.55% intraday to Rs 1451 against the BSE’s last close of Rs 1520.20.
Lux Industries shares sank over 4% today amid the news of the Income Tax department executing searches at the firm’s premises in Kolkata. According to news agencies, the I-T department raided Lux Industries over the firm’s alleged tax evasion of Rs 200 crore.
“The search is underway in multiple cities at premises linked to the company, including Kolkata. Offices and residences of top officials are also covered in the raids,” stated the news agency, citing sources in a tweet.
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In reply to a media report on the tax search, the company said, “We would like to submit that survey is being conducted at our premises, and the company is extending its full cooperation to the authorities. We want to inform you further that we cannot assess its impact as the survey is yet to be concluded.”
“Once the survey concludes, the company will update the Stock Exchanges in case there is any material impact resulting from the above survey,” the firm said.
Later, the stock of Lux Industries slipped 4.55% intraday to Rs 1451 against the last close of Rs 1520.20 on BSE.
Source – BT
