Stove Kraft plunges 4% as I-T sleuths search premises

The company said it will inform about the impact at a later date.

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Shares of Stove Kraft fell on November 22 after the company said the income tax department was searching its premises and plants. The company added that it was cooperating with officials.

“We hereby inform you that the Income Tax Department is conducting search at some of the premises/plants related to the Company. The officials of the Company are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them,” said the company in an exchange filing.

Shares of the company dropped about 4 percent to Rs 498.90 following the disclosure.

Stove Kraft said it is promptly complying with the applicable laws and follows “the best” corporate governance practices. It assured that it extending our full cooperation to the officials of the Income Tax Department in this regard.

“Presently we are able to give only this information. Once the search by the Income Tax Department concludes, the Company will update the Stock Exchanges in case of any material information/event,” said the home appliances maker.