Shares of textile fabric manufacturer Trident were under pressure on Thursday after the company confirmed its premises were being investigated by income tax authorities.

What Happened: Trident has confirmed a media report dated October 17 that said the Income Tax Department has been conducting a search at its premises and plants since Tuesday.

Trident said its officials have been actively cooperating with the tax authorities and providing necessary information to address their queries.

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In response to the National Stock Exchange’s (NSE) inquiries, the company confirmed the ongoing search operation without specifying further details.

What’s Next: The firm said it was committed to complying with the SEBI regulations by consistently making timely and requisite disclosures and pledged to continue doing so according to the applicable regulations. It also clarified that the delay in filing the current disclosure was due to the Income Tax Department’s control over all IT assets of senior officials and as a result of legal procedures.

The company assured full cooperation with the officials of the Income Tax Department throughout the search operation.

Price Action: Trident’s stock fell 1.69% to ₹35 in late afternoon trade on Thursday.

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