KRBL drops after IT dept conducts search of premises

KRBL dropped 5.14% to Rs 206.55 at 15:25 IST on BSE after action under Section 132 of the Income Tax Act, 1961, was conducted by the Income Tax Department on 30 March 2016 to 1 April 2016, on the company and its promoter directors.

The announcement was made during market hours today, 4 April 2016.

Meanwhile, the S&P BSE Sensex was up 119.38 points or 0.53% at 25,403.78.

On BSE, so far 52,546 shares were traded in the counter as against average daily volume of 53,496 shares in the past one quarter. The stock hit high of Rs 219.05 and low of Rs 205.80 so far during the day.

KRBL further said that the company is in the process of collating and responding to all the queries raised by the Income Tax Authorities in its search and the company is lending its fullest co-operation to the department in completing the enquiry. The company said that as far as KRBL and the promoter directors of KRBL are concerned, no incriminate documents and/or undisclosed income was found.

KRBL is a leading Basmati exporter. The company has its wings spread across all the Basmati eating regions like Asia, Middle East, Europe, USA, Canada and Africa.

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