Shares of Balkrishna Industries dropped 2.11% on Wednesday.
The Income Tax Department has been conducting searches on premises linked to tyre manufacturer Balkrishna Industries Ltd since Monday, an exchange filing has revealed. The premises include office buildings and manufacturing units.
A statement from the company said it is fully cooperating with the authorities and providing all necessary information and support. "The company adheres to the highest standards of ethical conduct and legal compliance," it said, adding that stock exchanges would be given updates if a material event occurred.
Shares of Balkrishna Industries dropped 2.11% to Rs 2,294.9 on Wednesday, when the benchmark Sensex fell over 900 points - a decline of 1.23%.