India Cements Faces Over 9 Percent Share Price Drop Amid ED Search Reports

India Cements Faces Over 9 Percent Share Price Drop

VoM News Desk | February 1, 2024 | 12:08 PM IST | Breaking News | Follow on Google News

India Cements Faces Over 9 Percent Share Price Drop Amid ED Search Reports

India Cements Faces Over 9 Percent Share Price Drop Amid ED Search Reports

India Cements witnessed a share price decline of over 9% during Thursday’s session following reports of the Enforcement Directorate (ED) conducting searches at its Chennai offices. The share price opened at ₹264.75, reaching an intraday high of ₹264.90 and a low of ₹236.85. Media sources suggest the ED is investigating potential violations of the Foreign Exchange Management Act (FEMA) at India Cements.

The company is scheduled to report its Q3 earnings today. In the previous quarter, India Cements reported a reduced consolidated net loss of ₹85.54 crore, attributed to a decrease in selling price and volume loss. Despite operational challenges due to a stressed working capital position, the company achieved a marginally positive EBIDTA.

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