RR Kabel shares slip after I-T search at offices, factories

New Delhi, Nov 30 (IANS) Shares of R R Kabel are trading in the red on Thursday after Income Tax searches at its offices and factories.

Shares of R R Kabel are down more than 1 per cent at Rs 1,622 on BSE.

The company said that the Income Tax Department was conducting a search at some of the offices and manufacturing units of the Company.

The officials of the Company are cooperating with the officials of the Income Tax Department and are responding to the clarifications and details sought by them. The business operations of the Company continue as usual and have not been impacted due to the search, R R Kabel said.

The company’s registered office is in Mumbai and its corporate office is in Vadodara. The company has factories in Silvassa, Vadodara, Bengaluru, Roorkee, and Una in Himachal Pradesh. The company’s market capitalisation is Rs 18,276 crore.

R R Kabel is one of India’s largest conglomerates in the electrical sector, spread across multiple business verticals, including wires & cables, switches, fans, lighting, switchgears & appliances.