Prataap Snacks shares tumbled down 3% during the trade session on 27 September after a search and seizure operation was conducted by the GST (goods and services tax) authority at its Bengaluru manufacturing unit.

The company said in its regulatory filing that the tax authorities conducted a visit to its premises located in Anekal Taluk.

The company said, “We have extended its full cooperation to the officials and responded to the clarification and details sought by them.”

The company is in the business of snack food manufacturing and distribution. It produces a wide range of popular snack items such as namkeens, chips, and extruded snacks under the brand Diamond.

In its quarterly report for the April-June quarter, the company reported a net profit of Rs 13.42 crore from the net loss of Rs 9.95 crore reported in the year-ago quarter.

The company’s revenue from operations saw a 17.31% YoY increase at Rs 389.5 crore.

At 3:30 pm, the shares of Prataap Snacks closed at Rs 847 or 3.27% below its previous close on NSE.