Enforcement Directorate Conducts Search At India Cements' Corporate Office In Chennai Amid FEMA Probe; Shares Plunges Over 6%

Enforcement Directorate Conducts Search At India Cements' Corporate Office In Chennai Amid FEMA Probe; Shares Plunges Over 6%

India Cements' share price is down 6.7 per cent at Rs 243.75 on the BSE. The ED search was conducted to probe any irregularities concerning the Foreign Exchange Management Act (FEMA).

IANSUpdated: Thursday, February 01, 2024, 03:50 PM IST
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Enforcement Directorate (ED) | Representative Image

The Enforcement Directorate (ED) has carried out a search operation at the corporate office of India Cements in Chennai.

Share Price Decline Amidst Investigation

India Cements' share price is down 6.7 per cent at Rs 243.75 on the BSE. The ED search was conducted to probe any irregularities concerning the Foreign Exchange Management Act (FEMA).

Company's Response

"Certain officials of the Enforcement Directorate visited our corporate office in Chennai during 31.01.2024 and 01.02.2024 and conducted a search to find out any irregularities concerning FEMA. We have provided/undertaken to provide all the clarifications/documents sought by them," India Cements said.

"We do not anticipate any material impact on the company with regard to the aforesaid investigation," it added.

As per a message by N. Srinivasan, Vice Chairman and Managing Director, on the company website said, "India Cements is one of the leading cement manufacturing companies in India and also a market leader in South India."

The Company's vision is to create value on a sustained basis for all stakeholders through lofty standards of transparency, accountability and leadership in cement manufacture.

The company has stood the test of time and has rapidly grown from two plants and 1.3 million tonnes capacity in 1989 to eight integrated plants and two grinding units with a total capacity of 15.5 million tonnes."

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