Income tax raid on the premises of underwear manufacturing company, case worth Rs 200 crores

After the information of this raid, a decline in the company's shares is being seen in the stock market. The company's shares rose by 4.55 percent during the trading session. According to sources, raids are being conducted continuously at the home and offices of company officials.

There are reports of raids on the premises of underwear manufacturing company Lux Industries in the country. According to sources, a case of tax evasion of more than Rs 200 crore has come to light. After this news, there is a big fall in the company's shares. According to BSE data, shares of Lux Industries are seeing a decline of about 4 percent. Till now no official statement has come from the company and IT.

Income Tax Department is conducting raids on Lux Industries over allegations of tax evasion of more than Rs 200 crores. Search is underway in multiple cities at premises linked to the company including Kolkata. Offices and residences of top officials are covered in the raids:…

— ANI (@ANI) September 22, 2023

The Income Tax Department is raiding the locations of Lux Industries on charges of tax evasion of Rs 200 crore. According to sources, the IT department is also conducting searches in other campuses associated with the company in many cities including Kolkata. Raids are going on in the offices and homes of top officials of the company.

Company's shares declined by 4.55 percent

After the arrival of this news, a decline of 4.55 percent has been seen in the company's shares. The company's shares have gone to the day's low of Rs 1451. According to BSE data, the company's shares are trading at Rs 1469.70 with a decline of 3.32 percent i.e. 50.50 percent. However, the company's shares opened today at Rs 1510. A day ago the company's shares had closed at Rs 1520.20.

IT raid in this company's office also

The Income Tax team has also raided the office of Euro Footwear, a famous shoe manufacturing company in Kanpur. Euro Footwear is a big shoe manufacturing company which also exports shoes. It has offices and factories at many places in the country. Around 2 pm, the Income Tax Department team suddenly raided the office of Krishna Tower located in Civil Lines. The Income Tax team came in 3 vehicles and raided the company's office located on the fourth floor through the stairs. During this time heavy police force was also present. According to sources, the Income Tax Department team has also raided other locations of the company.