Coffee Day Enterprises fell 10.56% to Rs 207.40 at 11:37 IST on BSE after income tax department raids the company and its subsidiaries.
Meanwhile, the S&P BSE Sensex was down 308.99 points, or 0.97% to 31,613.45.On the BSE, 43,000 shares were traded in the counter so far, compared with average daily volumes of 27,000 shares in the past two weeks. The stock had hit a high of Rs 220.60 and a low of Rs 204.65 so far during the day.
The stock hit a 52-week high of Rs 276.85 on 16 May 2017. The stock hit a 52-week low of Rs 190.50 on 27 December 2016.
According to media reports, the Income Tax department (IT dept) raided Cafe Coffee Day (CCD) retail chain since Thursday, 21 September 2017, found Rs 650 crore concealed income from the documents seized.
Coffee Day Enterprises runs coffee chain under the brand name Cafe Coffee Day.
Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai revealed concealed income of over Rs 650 crore, reports added.
Coffee Day Enterprises clarified during trading hours today, 25 September 2017, that search and survey operations were carried out by the income tax authorities on the company and its subsidiaries starting 21 September 2017 and ending on 24 September 2017.
The company said it extended full co-operation to the income tax authorities. It added that there is no information discovered which would have a significant impact on the financial position of Coffee Day Enterprises and its subsidiaries. Any information which is considered to have material impact in nature discovered later will be intimated to the exchange immediately, the company said.
On a consolidated basis, net profit of Coffee Day Enterprises rose 51.15% to Rs 26.83 crore on 10.11% rise in net sales to Rs 814.28 crore in Q1 June 2017 over Q1 June 2016.
Coffee Day Enterprises is the parent company of the Coffee Day Group which houses the coffee selling restaurants CafCoffee Day.
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