Balkrishna Industries Offices, Manufacturing Units Searched By IT Department

The Income Tax Department has been conducting searches at the premises of Balkrishna Industries Ltd. since Monday.

Searches at office premises and manufacturing units have been taking place and are going on, according to an exchange filing on Wednesday.

The company is fully cooperating with authorities, providing all necessary information and support, it said. "The company adheres to the highest standards of ethical conduct and legal compliance."

The tyre manufacturer will update the stock exchanges in case of any material event, it said.

Shares of Balkrishna Industries closed 2.11% lower at Rs 2,294.9 apiece, compared with a 1.23% decline in the benchmark BSE Sensex.