Exide Industries Faces Income Tax Survey Amid Q2 Results Delay

The company said it is fully cooperating with the authorities and clarified that the survey has not had any significant impact on its business operations.

“We hereby inform you that the Income Tax department is conducting Survey at the Company's offices and manufacturing units in India since October 29,” the Kolkata-based firm said in regulatory filing.

“The proceedings are underway and the Company is extending its full co-operation to the department,” it added in its filing.

Exide, which was scheduled to announce its second-quarter financial results on Thursday, has postponed the board meeting and said it will announce a new date later.

“Currently, there is no material impact on the business operations of the Company due to the aforesaid action,” Exide said.

The battery maker added, “In the event there is any further material update that requires intimation under the SEBI Listing Regulations, the Company will make necessary disclosures in accordance with regulatory provisions.”

“The Company shall inform the revised date of Board meeting in due course,” it mentioned.

Following the news, Exide Industries’ shares fell as much as 1.8 per cent during the intra-day but later recovered some losses and were closed at Rs 383.20, down by Rs 1.40 or 0.36 per cent on the National Stock Exchange (NSE).

In last five days, the shares have dropped by Rs 7.40 or 1.89 per cent. It was down by Rs 7.55 or 1.93 per cent in the last month. However, it was up by Rs 31.45 or 8.94 per cent in past six months.

On year-to-date (YTD) basis, the shares were up by Rs 38.15 or 9.05 per cent. In last one year, the investors received negative return of Rs 82.05 or 17.64 per cent.

- IANS