BENGALURU (Reuters) – India’s income tax department was conducting a survey action at five locations of Shree Cement Ltd in the western state of Rajasthan, CNBC-TV18 reported on Wednesday, citing sources.
The Kolkata-headquartered cement firm and IT department did not immediately respond to Reuters’ requests for comment.
Shree Cement’s shares fell as much as 2.7% on the news, posting its biggest intraday percentage drop since May 24.
(Reporting by Indranil Sarkar in Bengaluru; Editing by Savio D’Souza)
