Shares of agrochemical Pesticide maker Best Agrolife were tanking on Tuesday after reports that the company was being investigated by the Income Tax department.

What Happened: The income tax authorities were searching Best Agrolife’s offices, Zee Business reported, citing sources. However, no details were provided as to the reason for the search.

The company had not responded to Benzinga India’s request for comment at the time of publication. If the company does not furnish details in the near future, stock exchanges will likely request clarification from the firm.

See Also: Ashish Kacholia Sell Shares Of This Mukul Agrawal-Backed Small Cap Stock That Has Slumped 20% This Week

As per the latest shareholding data, ace investor Ashish Kacholia holds a 2.25% stake in the company.

Incorporated in 1992, Best Agrolife offers a range of pesticides, herbicides, insecticides and plant growth regulators both domestically and internationally. The firm has a workforce of over 1,100 employees. It also focuses heavily on research and development, creating formulation licenses and licenses for manufacturing technicals.

Price Action: Best Agrolife’s share price was down 2.9% at ₹1,093.40 in morning trade on Tuesday.

Read Next: Samsung Kickstarts Laptop Manufacturing In Its Massive Noida Facility: Report