Income Tax officials on Thursday conducted searches at multiple locations of Ahmedabad-based tiles and sanitaryware maker Asian Granito India Ltd.

According to sources, early morning on Thursday, the tax sleuths from Ahmedabad, raided the company’s headquarters in Ahmedabad, factories at multiple locations and premises of the owners and partners at across 40 places in the State.

While the company has not communicated the development to the investors, the stock price has taken a beating since the opening on Thursday. The stock lost 6 per cent to ₹48.30 on the BSE.