MUMBAI - Stove Kraft Ltd., a leading Indian kitchen appliance manufacturer, experienced a 4% decline in share value today, with the price dropping to Rs 498.90. This market reaction comes as the company faces an ongoing search by the Income Tax Department at several of its sites.
The company, listed on the National Stock Exchange of India, made an official exchange filing confirming the tax search and emphasized its commitment to full cooperation with the investigating officials. Stove Kraft reassured stakeholders of its dedication to legal compliance and robust corporate governance practices.
In light of these events, Stove Kraft has pledged to keep the Stock Exchanges informed about any significant developments that may arise following the completion of the Income Tax Department's search. Investors responded to the news with caution, as reflected in the immediate impact on Stove Kraft's share price.
The company's swift disclosure and promise of transparency aim to maintain investor confidence during this period of scrutiny by tax authorities. The full extent of the investigation's findings and potential implications for Stove Kraft remain to be seen as the situation unfolds.
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