Shriram Properties dropped 4% to Rs 102.05 as the Enforcement Directorate officials are conducting search activity in the company's office premises in Bengaluru and Chennai.
Shriram Properties stated that it is fully cooperating with the ED officials and emphasized that it is committed to fair practices and compliance with applicable regulations."The Company will update the stock exchanges on any material developments in this regard," the statement read.
Shriram Properties reiterated that there is no evidence to implicate its subsidiaries, joint ventures, directors, or the company itself in connection with the allegations.
"As per the legal advice, we reiterate that there is nothing to implicate our subsidiaries/joint ventures, current or erstwhile, or its directors or the Company in connection with the allegations," the statement said.
The company assured that there is no direct or indirect involvement in the alleged matters by the company or its SPVs or executives. The company is taking up the matter legally, consistent with the legal advice received from counsels.
Shriram Properties is one of South India's leading residential real estate development companies, primarily focused on the mid-market and affordable housing categories. SPLs key markets include Bangalore, Chennai and Kolkata.
More From This Section
The companys consolidated net profit increased 4.9% to Rs 17.44 crore in Q1 FY25 as compared with Rs 16.62 crore posted in corresponding quarter last year. Net sales jumped 14% YoY to Rs 153.96 crore during the quarter.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
 "pharmaceutical sector, pharma sector, medicines, meds")
 "PNB, Punjab National Bank")
 "Indian markets")
 "Bombay Stock Exchange, Stock market, BSE")
 "India vs New Zealand 2ns Test Day 2 live full scorecard")
