The Maharashtra Goods & Service Tax Department initiated an inspection and search at Excel Industries Limited’s registered office in Mumbai on Thursday.
The search was conducted under Section 67 of the Maharashtra Goods & Service Tax Act, 2017. The operation took place at Excel Industries’ office located at Jogeshwari West, Mumbai.
Excel Industries stated that the tax authorities have not yet informed them about any specific violations or contraventions. The company also mentioned that the impact of this action on its financial, operational, or other activities is currently not ascertainable.
The shares of Excel Industries Limited were trading at ₹1,432.00, up by 26.90 points (1.91 per cent) on BSE at 9:50 am on Friday.