Shares of Kalpataru Projects International were tanking on Friday as media reports surfaced that there was an IT raid at the company.
What Happened: As per a CNBC TV18 report, the IT Department was conducting searches at the company’s Rajasthan and Mumbai offices. The news sent the shares of the company crashing on Friday.
At the time of writing, no more details were available about the raid. Benzinga India’s email for an official response regarding the raids was unanswered.
The company changed its name earlier in the year from Kalpataru Power Transmission to Kalpataru Projects International and has announced several order wins in the past two months. In the past year, the stock has gone up over 65%.
Price Action: Kalpataru’s share price was down 5.68% to trade at ₹594.90 on Friday afternoon.
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