Raymond , a prominent Indian textile and apparel company, has announced the completion of a survey conducted by the Income Tax Department at some of its offices across India. The company confirmed that it provided full cooperation throughout the process, emphasizing its commitment to transparency and compliance with regulatory authorities.

Survey Details

The survey, which was carried out under Section 133A of the Income Tax Act, 1961, commenced on September 26 and concluded on September 30. Raymond made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating its adherence to regulatory norms.

Company's Response

In an official statement to the stock exchanges, Raymond stated, "We hereby inform that the said action was completed yesterday evening, and the Company had extended its full co-operation on the matter." This prompt disclosure aligns with the company's commitment to keeping its shareholders and the public informed about significant developments.

Regulatory Compliance

The company's swift communication about the survey's completion reflects its proactive approach to corporate governance. Raymond has made the intimation available on its official website, ensuring easy access to this information for all stakeholders.

Market Impact

While the specific reasons for the Income Tax Department's survey have not been disclosed, such regulatory actions can often lead to increased scrutiny from investors and market analysts. However, Raymond's assurance of full cooperation may help in maintaining stakeholder confidence.

As the situation develops, investors and industry observers will likely keep a close watch on any further disclosures or outcomes resulting from this survey. Raymond's transparent communication about the process underscores the importance of regulatory compliance in the corporate sector.

The company continues to operate its business as usual, and no immediate impact on its operations has been reported as a result of this survey.

Raymond , a prominent player in the Indian textile and apparel industry, saw its shares tumble 4.2% to ₹1200.55 on the Bombay Stock Exchange (BSE) following news of an Income Tax Department survey at some of the company's facilities.

Income Tax Survey Details

The company disclosed that officials from the Income Tax Department conducted a survey at several of its offices and manufacturing units in India under Section 133A of the Income Tax Act, 1961. Raymond stated that the proceedings are ongoing and assured that it is providing full cooperation to the officials.

Market Reaction

The announcement triggered a sell-off among investors, likely due to uncertainty surrounding potential financial or compliance implications. As of 2:40 pm, Raymond shares were trading 3.65% lower at ₹1207.60.

Recent Stock Performance

Raymond's stock has faced significant challenges in recent times:

Company's Official Statement

In an intimation to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Raymond Limited's Company Secretary, Rakesh Darji, confirmed:

"Yesterday certain officials of the Income Tax Department visited some of the Company's offices in India for conducting a survey action under Section 133A of the Income Tax Act, 1961. The proceedings are underway and the Company is extending its full co-operation to the officials."

The company has also made this information available on its official website at https://www.raymond.in/ .

As the survey is ongoing, investors and market watchers will likely keep a close eye on further developments and any potential impact on Raymond's financial position or compliance status.