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Income Tax department conducts search operations at various locations of Shah Alloys; Stock slumps ~5%

The company said it extended full corporation and doesn’t foresee any material impact on the company's current or future business operations.

December 14, 2021 9:44 IST | India Infoline News Service
Income Tax Department carried out search operations at various locations of Shah Alloys Limited during the period from December 8 till December 11, 2021.

“During the search operation, as a responsible company, all the concerned employees/ staff of the company extended their full co-operation to the Income Tax Officials and provided all the information/ documents, sought.

We do not foresee any material impact on the company's current or future business operations,” the company said in a filing on Monday.

Further, the Company shall continue to conform to the highest standards of corporate governance, as demonstrated in the past.

At around 9.48 am, Shah Alloys Ltd was trading at Rs50.35 per piece down by Rs2.6 or 4.91% from its previous closing of Rs52.95 per piece on the BSE.

“This update is being provided to the Stock Exchanges and the stakeholders in order to put to rest any speculative or baseless information circulating without the endorsement of the company,” it added.

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