Mumbai, October 30 (IANS). The Income Tax Department surveyed the offices and manufacturing units of Exide Industries. Also, the company has postponed the second quarter results. This information was given by the battery manufacturing company on Thursday.
The company said that it is fully cooperating with the administration in this matter and this action will have no impact on the company’s business operations.
“We inform you that the Income Tax Department is conducting a survey at the company’s offices and manufacturing units in India from October 29,” the Kolkata-headquartered company said in a regulatory filing.
“The proceedings are ongoing and the company is providing its full cooperation to the department,” the company said in the filing.
Exide was to release its second quarter results on Thursday, but the company has postponed it for the time being and a new date will be announced soon.
“At present, there is no significant impact on the business operations of the company due to the above action,” Exide said.
The battery maker further said, “If any further material update is required under the SEBI listing regulations, the company will provide necessary information as per the regulatory provisions.”
After this news, the shares of Exide Industries witnessed a decline. However, at the end of the day the company’s shares closed with a slight decline of 0.36 percent. The stock has given a negative return of 1.93 percent in the last one month. In the last six months, the stock has given a positive return of 8.94 percent to the investors.
At the same time, the stock has given a negative return of 17.64 percent in the last one year.
The company’s profit in the June quarter of FY26 was Rs 275 crore. The company’s sales have been Rs 4,695 crore. The company’s expenditure during this period was Rs 4,157 crore.
–IANS
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