ED raids corporate office of India Cements, records searched; Share price fell 7 percent

New Delhi, 02 February. The Enforcement Directorate (ED) has conducted a search operation at the corporate office of India Cements in Chennai. After this, the share price of India Cements on BSE fell by about 7 percent to Rs 243. The ED search has been conducted to investigate irregularities related to the Foreign Exchange Management Act (FEMA).

India Cements said, some officials of the Enforcement Directorate visited our corporate office in Chennai during 31.01.2024 and 01.02.2024 and conducted searches to detect irregularities related to FEMA. We have undertaken to provide all the clarifications/documents sought by them. “We do not expect any material impact on the company in connection with the investigation,” it said.

Vice Chairman and Managing Director N. on the company's website. According to a message from Srinivasan, India Cements is one of the leading cement manufacturing companies in India and also the market leader in South India.

The company's vision is to create value on a sustained basis for all stakeholders through high standards of transparency, accountability and leadership in cement manufacturing. The company has stood the test of time and has grown rapidly from two plants and 1.3 million tonnes of capacity in 1989. The eight integrated plants and two grinding units have a total capacity of 15.5 million tonnes.