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Asian Granito shares fall 6% as tax sleuths raid company premises

The report said that tax authority was raiding over 35 premises across Gujarat including those of Asian Granito.

Mumbai / May 26, 2022 / 10:51 AM IST
 
 
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Shares of Asian Granito fell over 6 percent on May 26 after ANI reported that the Income Tax Department is currently raiding the premises of the company.

The report said that tax authority was raiding over 35 premises across Gujarat including those of Asian Granito.

The raid by the tax authority comes days after the company completed land acquisition for all three of its greenfield manufacturing plants in Morbi, Gujarat. The company planned to commence construction of the three facilities soon, a ANI report said.

Shares of Asian Granito have fallen more than 53 percent in 2022 so far and more than 60 percent in the past one year.

For the quarter ended March, the company reported a near 10 percent on-year rise in revenues to Rs 480 crore while its net profit declined 32 percent to Rs 12.1 crore.

At 10:30 am, shares of Asian Granito were down 6.3 percent at Rs 48.10 on the National Stock Exchange.
Moneycontrol News
first published: May 26, 2022 10:51 am