Dixon Technologies Shares Dip 4.5% as DRI Conducts Search at Subsidiary Facility in Noida

19 Jan 2024 , 01:11 PM

Dixon Technologies (India) Ltd shares slipped after the Directorate of Revenue Intelligence (DRI) conducted a search at one of its subsidiaries’ Noida manufacturing facilities on January 17.

The stock hit an intraday low of Rs 6,020.00, marking a nearly 4.5% decrease from its previous closing price on the National Stock Exchange (NSE).

At noon, the shares were trading 2.45% lower at Rs 6,151.00. In a regulatory filing, Dixon Technologies disclosed that the DRI’s search focused on the classification of raw materials imported for manufacturing a specific product.

The search concluded on the same day at 8 PM, according to Dixon Tech, but the company did not specify the product or raw material in question.

Dixon Technologies emphasized that the issues raised by the DRI are interpretational, and the company has fully cooperated, providing complete information on time.

The company is committed to defending its interpretation using all available recourse.

While the impact on the listed entity’s financial, operational, or other activities cannot be quantified presently, Dixon Tech does not anticipate any material impact.

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