EPACK Durable shares fall nearly 3% amid customs department search at Bhiwadi facility

Shares of EPACK Durable Ltd., a leading outsourced design manufacturer of room air conditioners, fell nearly 3% on December 4, 2024, following the disclosure of a search conducted by the Special Intelligence and Investigation Branch (SIIB) of the Customs Department at its Bhiwadi, Rajasthan facility.

Key Details of the Incident:

• The search took place on December 2, 2024, from 1:00 PM to 7:00 PM, and was conducted under the provisions of the Customs Act, 1962.
• The investigation was carried out by officials from the SIIB, Office of the Commissioner of Customs (Preventive), Jaipur.
• EPACK Durable Ltd. fully cooperated with the authorities, providing all necessary documentation and assistance.

Company Statement:

In a regulatory filing, EPACK Durable stated:

“We wish to inform you that the Senior Intelligence Officer and Inspectors of SIIB, Jaipur, initiated a search on December 2, 2024, at our manufacturing facility in Bhiwadi, Rajasthan. The search concluded the same day, and the company provided full cooperation and assistance.”

Impact on Stock Performance:

• The company’s stock opened lower and was trading at ₹439.00, down 2.05% from the previous close of ₹448.20, as of 10:17 AM on the NSE.

 

The investigation adds an element of uncertainty regarding the company’s operations. While the company has cooperated fully with the authorities, the outcome of the search and its implications remain to be seen.