Shares of Tilaknagar Industries Ltd surged early on Monday but later fell sharply from the day’s high after news reports linked the company to an alleged liquor scam in Andhra Pradesh.
According to a charge sheet filed by the Andhra Pradesh Police, the company allegedly paid ₹218 crore in kickbacks to a liquor syndicate in the state in exchange for securing supply orders.
Investigators claim that between 2019 and 2024, Tilaknagar Industries received liquor supply contracts worth ₹1,472 crore, of which a portion was allegedly routed back as illegal payments to intermediaries, according to Informist and NDTV Profit.
The stock, which initially touched an intraday high of ₹443.90, later retreated nearly 6% from the peak, reflecting investor concerns over the potential legal and reputational fallout.
At the time of writing, Tilaknagar Industries was trading at ₹418.40, still up about 5.46% from the previous close of ₹396.75, but well off its intraday highs.
The company has not issued an official statement responding to the allegations yet. Investors are awaiting further clarity from both the company and regulators.
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