Stove Kraft shares fall nearly 2% as company faces temporary operational halt amid Income Tax raid

Stove Kraft Ltd, a leading kitchen appliances manufacturer, acknowledged a temporary disruption in its operations due to a recent Income Tax Department search at its office premises and manufacturing plants. The company’s shares experienced a nearly 2% decline on November 28.

The initial communication from Stove Kraft on November 22, 2023, informed stakeholders about the ongoing search, assuring full cooperation with the authorities. In a subsequent evening update on November 27, the company reported the completion of the Income Tax Department’s search. Stove Kraft detailed that its manufacturing plants in Bengaluru and Baddi encountered disruptions on November 22-26 and November 21-23, respectively.

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As of 12:28 pm, Stove Kraft shares traded 1.77% lower at ₹471.05, reflecting the market’s response to the temporary operational challenges faced by the company during the Income Tax Department’s scrutiny.