Trident Group found itself amidst a market downturn as its shares experienced a nearly 3% decrease following reports of Income Tax department raids conducted across various group locations. The stock, which had opened at Rs 37.30, slightly higher than its previous close on October 16, witnessed a decline in response to the ongoing investigations.
According to information reported by CNBC TV18, the Income Tax raids are currently underway at multiple Trident Group locations, spanning regions such as Punjab and the National Capital Region (NCR). Officials have stated that these actions are part of an investigation into potential financial irregularities within the Ludhiana-based conglomerate.
Notably, Trident Group is yet to announce its Q2FY24 results. In the first quarter of the fiscal year 2023-24, the company’s financial performance showed a decline. Net sales dipped by 11.08% to Rs 1,493.71 crore from Rs 1,679.90 crore in June 2022. The quarterly net profit also experienced a significant decrease, dropping by 27.79% to Rs 93.40 crore from Rs 129.35 crore in June 2022. Similarly, the EBITDA reported for the same period stood at Rs 242.71 crore in June 2023, down by 9.04% from Rs 266.83 crore in June 2022.
Trident Group, recognized as a global conglomerate, operates across various sectors including home textiles, paper, and chemicals. Its presence extends both in India and internationally, with exports contributing approximately 66% to their revenue, as of June 2023.
As of 1:58 PM, the company’s shares were trading at Rs 36.15, reflecting a 2.69% decline in response to the ongoing developments surrounding the Income Tax raids and the subsequent market sentiments.
