Deepak Fertilisers drops as IT Department carries search operations

Deepak Fertilisers & Petrochemicals Corporation fell 2% to Rs 179.20 at 14:39 IST on BSE after the company informed that the Income Tax Department is carrying out search and seizure operations in the company's office premises and plants.

The announcement was made during market hours today, 16 November 2018.

Meanwhile, the S&P BSE Sensex was up 138.45 points, or 0.39% to 35,398.99

On the BSE, 33,000 shares were traded in the counter so far compared with average daily volumes of 24,000 shares in the past two weeks. The stock had hit a high of Rs 183.85 and a low of Rs 176.65 so far during the day.

Deepak Fertilisers & Petrochemicals Corporation said that the Income Tax Department is carrying out search and seizure operations in the company's office premises and plants with effect from 15 November 2018 under section 132, 133A of the Income Tax Act, 1961. The search and seizure operations are still continuing, and the company is extending full cooperation to the Income Tax Authorities in their operations, Deepak Fertilisers & Petrochemicals Corporation said.

Deepak Fertilisers and Petrochemicals Corporation reported 56.68% slide in consolidated net profit to Rs 18.51 crore on 44.45% rise in total income to Rs 1782.44 crore in Q2 September 2018 over Q2 September 2017.

Deepak Fertilisers and Petrochemicals Corporation's business spans industrial chemicals, bulk and specialty fertilisers, farming diagnostics and solutions, technical ammonium nitrate, mining services and consulting and value added real estate.

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