Adani Wilmar shares soar despite raid in Himachal Pradesh on allegations of tax irregularities

Himachal Pradesh state tax department on Wednesday conducted raids on Adani Wilmar in Parwanoo over allegations of tax irregularities. According to media reports, the raids were carried out after it was alleged that the company had failed to file its GST for the last five years.

The state tax department had sought more information on the company's input tax credit claims concerning its operations in the state. According to reports by AajTak, the checking of the documents in the godowns continued till late Wednesday night.

Adani shares

While the news regarding the raid has not affected the company's shares, Adani Wilmar's shares on Thursday at 11:37 am were at Rs 439.70, up by nearly 5 per cent.

Adani Group in Himachal Pradesh

Adani Group has a total of seven companies in the state that run from cold stores for fruits to grocery items supply.

The company reported a 16 per cent increase in consolidated profits to Rs 246.16 for the quarter that ended in December.

Adani Wilmar is a 50-50 venture between the Adani Group and the Singapore based Wilmar Group. The company sells cooking oils and other food products under the Fortune brand.

2 cement factories shut down in Himachal Pradesh

In December last year, two cement plants at Barmana and Darlaghat owned by ACC Limited and Ambuja Cements were respectively closed due to a dispute over freight charges. The government of Himachal Pradesh had said it wanted to end the standstill created by the closure of these factories and an indefinite strike by the truck operators' union. The industries minister has planned to hold talks with the Adani Group to resolve the issue.