FirstCry shares fall over 4% as GST department launches probe in Mumbai

Latest update:November 07, 2024 02:39 PM IST

Shares of FirstCry, run by Brainbees Solution, fell 4.5% to an intraday low of Rs 597.80 on the BSE.

FirstCry

Shares of FirstCry, run by Brainbees Solution, fell 4.5% to an intraday low of Rs 597.80 on the BSE after the company said the Mumbai GST department has launched an investigation at the company’s head office and warehouse in Pune.

“We would like to inform you that the Assistant Commissioner of Taxes, Mumbai, initiated a search/verification on November 6, 2024 at the head office of the company at Pune and one of its warehouses located at Bhamboli in Maharashtra,” Brainbees Solutions said. in stock exchange reporting.

The company said that the inspection was conducted under sub-section (1) / search under sub-section (2) of section 67 of the MGST Act, 2017.

The company said it is cooperating with officials and responding to any clarifications and details they request, and that the company’s operations are continuing as normal.

“We would like to emphasize that the company has always maintained high standards of integrity, corporate governance and compliance in all aspects of its business, including the timely payment of applicable taxes. We remain committed to meeting these standards. The company will provide stock exchanges with updated information on this matter, as applicable,” the company said.

In another filing today, the company said its board of directors will meet on November 14 to review and approve its second quarter results.

“We inform you that the meeting of the Board of Directors of the Company is scheduled for Thursday, November 14, 2024, including to review and approve the unaudited financial results (individual and consolidated) of the Company for the eighteen-month quarter ended September 30, 2024,” the document says.

FirstCry shares have fallen 4.2% in the last month and 6% in the last two weeks, according to BSE analysts.

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