Balkrishna Industries shares fall amid report of I-T searches at Mumbai office

Shares of Balkrishna Industries Ltd fell over 3% today amid a report which said the Income Tax Department was conducting searches at the Mumbai office of tyres and rubber products maker.

Shares of Balkrishna Industries hit an intraday low of Rs 2193.85 against the previous close of Rs 2266.30 on BSE. Earlier, the stock opened lower at Rs 2233.40. The stock has a one-year beta of 0.4, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of the stock stands at 42.1, signaling it's trading neither in overbought nor in the oversold zone. Balkrishna Industries shares are trading lower than the  5 day, 10 day, 20 day, 30 day , 50 day, 100 day, 150 day and 200 day moving averages.    

The share has gained 11% in a year and fallen 12.70% in 2023.  

Market cap of the firm fell to Rs 43,342 crore. Total 7002 shares amounting to a turnover of Rs 1.56 crore changed hands on BSE. The stock rose to a 52-week high of Rs 2793.70 on January 20, 2024 and a 52-week low of Rs 1912.30 on March 27, 2023.