The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to India Cement, which is controlled by former BCCI Chairman N Srinivasan. The searches are being conducted at the Chennai Super Kings owner offices for alleged FEMA violations.
The ED is expecting FEMA violations of around Rs 250-300 crore, which may increase as the search progresses. However, the company has not made any comments on the matter yet.
Shares of Chennai-based cement sector major were trading at Rs 239.40, down by 8.40 per cent, at 10.50 AM.
India Cements Ltd has not posted its Q3 results yet. In Q2 FY24, the cement major posted a net loss of Rs 85.54 crore as compared to Rs 121.1 crore in the same quarter in 2022.
The revenue from operations for Q2 FY23 was seen at Rs 1,264.39 crore, compared to Rs 1,327.06 crore year-on-year (Y-o-Y), registering a fall of 4.72 per cent.
Earlier, Opposition parties have alleged that ED raids were carried out on those going against the government. In August last year at a press conference, Congress general secretary Jairam Ramesh claimed that in sectors such as airports, ports and cement, companies competing with the Adani Group for prized assets have faced CBI, ED and Income Tax raids "that have dissuaded them from proceeding with their bids, and the assets have ultimately gone to Adani".
Mentioning the takeover of Sanghi Industries by the Adani-owned Ambuja Cements, Ramesh said: "In our Hum Adani ke Hain Kaun (HAHK) series of 100 questions for Prime Minister (Narendra) Modi, the Congress party had pointed out how the Adani Group has repeatedly profited from well-timed, Modi-made raids by investigative agencies on its business competitors," he said in a statement.