The Income Tax Department is reportedly conducting a search at the Kolkata office of Lux Industries Ltd, a popular name in the textile and luxury innerwear sector.

What Happened: The Income Tax Department has reportedly begun a survey at the offices of Lux industries, sources told CNBC TV18.

While the company has not confirmed the reports yet, the stock exchange on Friday asked the company to clarify the matter in an exchange filing and a clarification is expected soon.

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Lux Industries Ltd, previously known as Biswanath Hosiery Mills, is an Indian innerwear company headquartered in Kolkata, West Bengal. It is known for its high-quality textiles and luxury brand innerwear.

Lux Industries had reported a significant decline in quarterly profits recently. In the April-June quarter of the financial year ended 23, the company’s profit dropped 67.13% from a year ago.

Price Action: Lux Industries’ share price has seen a sharp decline over the past year. Notably, it has witnessed a dip of over 4% in just one week and a nearly 20% decrease over the course of a year.

Lux’s share price was down 2.23% at ₹1,485.40 in afternoon trade on Friday.

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