Man Industries sees no impact of I-T searches; share price rises over 3%

The Income Tax Department concluded search operations on December 22. Man Industries share price rose as much as 3.62 per cent so far on Tuesday.

Man Industries share price today: Man Industries share price rose over 3 per cent in Tuesday’s lacklustre trade session as the company said that there is no material impact on business after the Income Tax (I-T) Department concluded search operations. 

 

Man Industries share price rose as much as 3.62 per cent to ₹414.50 apiece. It, however, pared some gains to trade 1.90 per cent higher at ₹409 as of 9:38 AM as compared to 0.10 per cent decline in the Nifty 50 index. 

 

Man Industries had its 2.86-million shares changed hands on BSE, so far, on Tuesday, compared to a two-week average volume of 0.02 million shares. On a year-to-date basis, the stock price has advanced 26.25 per cent in calendar year 2025. 

 

The counter is trading near its 52-week high level of ₹491, touched on November 26. It fell to a 52-week low of ₹201.55 apiece on March 3.   READ LATEST STOCK MARKET UPDATES TODAY LIVE

Why did Man Industries share price rise today?

 

Man Industries share price rose as the company said that there was no impact of the recently conducted search by the Income Tax (I-T) on its premises, that were concluded at its premises on December 22. "The business operations of the company were going on as usual and there was no impact due to the same," the company said in an exchange filing. 

 

This comes as a relief as the company is dealing with allegations of misstatement of financial results of certain years from the Securities Exchange Board of India (Sebi). 

The Securities and Exchange Board of India (Sebi) barred Man Industries and its three senior executives from participating in and accessing the capital markets for two years on September 29. The regulatory body also imposed a fine of ₹25 lakh on each of them for alleged financial misstatement, as per a PTI report. Chairman of Man Industries Ramesh Mansukhani, Executive Director Nikhil Mansukhani, and former Executive Director and current Chief Financial Officer (CFO) Ashok Gupta were penalised.   ALSO READ | Belrise rallies 12% on heavy volumes; what's driving auto part stock? 

On October 10, Man Industries said in an exchange filing that the Securities Appellate Tribunal (SAT) has granted a stay on the Securities and Exchange Board of India's order. The stay was conditional on the 50 per cent of the penalty amount, according to a PTI report.

 

Sebi noted that its financial statements of Man Industries (India) for the financial years 2015-16 to 2020-21 were "deliberately misstated, the PTI report said.