Shaily Engineering Plastics shares decline 4% on GST search in Gujarat unit

BL Internet Desk | Updated on December 10, 2019 Published on December 10, 2019

Shaily Engineering Plastics stock slumped after GST search at the premises of the company. The stock declined Rs 23 or 4% to Rs 555.10 on the BSE today.

The company has informed the BSE that there was a search at its Rania plant in Gujarat by Goods and Services Tax (GST) authorities and the same has ended. The company said it extended all cooperation for the investigation and submissions by the company is continuing.

As part of the investigation, the authorities have seized some moulds belonging to the company as well its customers as part of the process which is being contested by the company. There has not been any case of evasion of any duty which has been established as of now and the company has not received any show cause notice from the authorities till date, the company said in its release to the stock exchanges.

Published on December 10, 2019
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