Shares of Salasar Techno Engineering Ltd declined 2.80% to ₹9.38 during early trade on April 21 after the company confirmed that the Directorate of Enforcement (ED) had conducted search operations at the residences of Chairman and Managing Director Mr. Alok Kumar, and Joint Managing Director Mr. Shashank Agarwal.
In a regulatory filing dated April 17, the company stated that the search was limited to personal residences and did not involve any of the firm’s manufacturing units or office premises. It also clarified that there was no disruption to business operations and all company functions are continuing as normal.
Despite the management’s assurance of full cooperation with authorities and commitment to compliance, investor sentiment took a hit, resulting in a decline from the previous close of ₹9.65. The stock traded in the range of ₹9.25 to ₹9.58 during the session and was among the top losers on NSE.
Salasar reiterated its dedication to transparency and stated that it would continue to make timely disclosures under applicable laws if any material developments arise.
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