Shares of KEI Industries are facing immense pressure in trade on Thursday amid reports of Income Tax Department raiding the company's offices. The stock is trading at Rs 5,007, accounting for cuts of almost 3% compared to Wednesday's closing price of Rs 5,148.
This comes in the midst of media reports which state that the IT department had conducted raids on KEI Industries, which is one of India's largest manufacturers of wires and cables. This has emerged as a negative trigger for the counter, which has given investors returns of more than 50% in the last 12 months.
The sharp drawdown in KEI Industries also comes on the back of Morgan Stanley recently downgrading the stock, although the shares were quick to recover, buoyed by a target price hike from Goldman Sachs.
This story will be updated.
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