KNR Constructions stock under pressure after IT department conducts search at its premises

21 Mar 2022 , 10:24 AM

KNR Constructions Ltd stocks under pressure on Monday as the company informed that the Income Tax department conducted a search under the powers conferred to them by the provisions of the section 132 of the Income Tax Act, 1961 at the registered office and residences of Company’s officials from March 16, 2022 to March 19, 2022.

“We extended full co-operation to the officials of the department including providing all explanations, information, and clarifications as desired by them in this matter in a timely manner”, the company said in a regulatory filing.

It further added, “We at KNR Constructions Limited, follow the highest standards of Corporate Governance and Financial Discipline. Our systems and processes are benchmarked by competent auditing and accounting standards.”

KNR Constructions confirmed that the proceedings have absolutely no impact on the operational performance of the Company.

At around 10:27 AM, KNR Constructions was trading at Rs278.60 apiece down by Rs0.6 or 0.21% on Sensex.