Shares of R R Kabel witnessed a decline, falling over 5% after reports surfaced about Income Tax searches at its offices and factories. RR Kabel confirmed that the Income Tax Department conducted searches at some of its offices and manufacturing units. 

RR Kabel shares fell to an intraday low of Rs 1,554.55, down 5% from the previous closing price on the National Stock Exchange (NSE). The stock closed 0.91% lower at Rs 1,630. 

The company emphasised that its officials are cooperating with the Income Tax Department and providing the necessary clarifications and details. Despite the ongoing search, the business operations of the company continue as usual and remain unaffected.

RR Kabel, one of India’s major conglomerates in the electrical sector, operates across various business verticals, including wires & cables, switches, fans, lighting, switchgear & appliances. The company has manufacturing facilities in Silvassa, Vadodara, Bengaluru, Roorkee, and Una in Himachal Pradesh.