KRBL extends losses after IT dept conducts search of premises

KRBL dropped 4.04% to Rs 196.75 at 15:20 IST on BSE, with the stock extending previous session's losses triggered by the announcement that income tax department conducted search on the company and its promoter directors.

Meanwhile, the S&P BSE Sensex was down 521.28 points or 2.05% at 24,897.14.

On BSE, so far 74,303 shares were traded in the counter as against average daily volume of 54,390 shares in the past one quarter. The stock hit high of Rs 203.30 and low of Rs 195 so far during the day. The stock had hit a record high of Rs 249.65 on 16 November 2015. The stock had hit a 52-week low of Rs 141 on 7 September 2015. The stock had underperformed the market over the past one month till 4 April 2016, dropping 0.89% compared with Sensex's 3.06% rise. The scrip had also underperformed the market in past one quarter, shedding 9.7% as against Sensex's 0.87% fall.

The mid-cap company has equity capital of Rs 23.54 crore. Face value per share is Re 1.

Shares of KRBL had dropped 5.74% to Rs 205.25 yesterday, 4 April 2016 after the company said that 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 yesterday, 4 April 2016.

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's consolidated net profit dropped 20.3% to Rs 65.78 crore on 7.9% decline in net sales to Rs 703.84 crore in Q3 December 2015 over Q3 December 2014.

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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