Shares of apparel retailer Raymond fell over 4 per cent in intra-day trade on the Bombay Stock Exchange (BSE) on Thursday after reports said income tax department had conducted searches at the premises of the company.
Refuting media reports, the industrialist Gautam Singhania-led company stated that no such raid has been conducted and such rumours were baseless, untrue and did not merit any disclosure by the company.
The statement comes against the backdrop of reports in certain sections of the media that the I-T authorities had raided the premises of Raymond on August 28, 2019.Weighed down by the development, share price of Raymond declined as much as 4.42 per cent to Rs 547.15 apiece in early trade on the Bombay Stock Exchange (BSE). Following the firm's clarification, the stock pared some losses to trade at Rs 555.35, down 3 per cent.
In a similar fashion, stocks of Raymond were trading 2.80 per cent lower at Rs 556.25 on the National Stock Exchange. The scrip opened flat at Rs 572.25 and touched an intra-day low of Rs 546.45.
"Raymond shall continue to make appropriate disclosures to the Stock Exchanges in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 of any information that have a bearing on the performance of the company," the company said in a filing to the Bombay Stock Exchange.
Meanwhile, S&P BSE Sensex was down 214.46 points or 0.57 per cent at 37,237.38.
Edited by Chitranjan Kumar