Asian Granito shares plunge on reports of IT raids in Gujarat premises

Shares of Asian Granito India Ltd plunged more than 4% to ₹49 apiece on the BSE in Thursday's trading session after news agency ANI reported quoting sources that Income Tax department is conducting raids at 35-40 premises of Asian Granito India in Gujarat.

The company recently disclosed its plans to set up three state-of-the-art manufacturing facilities at Gujarat's Morbi, in Value Added Luxury Surfaces and Bathware Segments, including GVT Tiles, Sanitaryware and SPC Flooring.

The company also set up one of India's largest Display Centres at Morbi, for which it had completed the land acquisition and necessary due diligence, including land payment, registration and stamp duty fees for setting up plants under Future Ceramics Pvt Ltd, AGL Sanitaryware, and AGL Surfaces Pvt Ltd.

Civil and engineering works at the sites were scheduled to begin very soon. AGL expects to strengthen its leadership position and generate peak sales of ₹700 crore per annum from the three plants and contribute ₹500 crore of revenue from display centres, but the IT raids led to a fall in the company's share.

Established in the year 2000, Asian Granito India Ltd. (AGL) has emerged as a leading Luxury Surfaces and Bathware Solutions. The company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets.

(With inputs from ANI)