In a significant development, the Income Tax Department conducted raids at Lux Industries’ premises in Kolkata, raising concerns over alleged tax evasion. The repercussions of this investigation have led to a noticeable decline in the company’s share prices.
Share Prices Tumble
As the news of the Income Tax Department’s raid broke, Lux Industries’ shares experienced a sharp decline of over 3 percent. By the closing bell, the company’s shares had settled at Rs 1471.25, representing a substantial drop of 3.22 percent compared to the previous closing session.
Ongoing Stock Decline
This incident adds to Lux Industries’ ongoing struggles in the stock market. Reports indicate that the company’s stock has already lost approximately 10 percent since the beginning of the year and a staggering 19 percent over the past year.
The raid by the Income Tax Department on Lux Industries’ premises in Kolkata has sent shockwaves through the market, resulting in a significant drop in the company’s share prices. This event marks a challenging period for the company as it grapples with both financial and legal issues.
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