ED Raids at India Cements Office, FEMA Violation Suspected

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India Cements Ltd Shares Plunge Amid ED Search

This blog post discusses the recent plunge in the shares of India Cements Ltd following an ED search at the company's premises for alleged FEMA violations. It provides details about the impact on share prices, surge in trading volumes, and the upcoming board meeting. The post is updated with the latest developments and is a must-read for investors and market watchers.


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India Cements Ltd, led by former BCCI Chairman N Srinivasan, saw its shares plummet by more than 9% during Thursday's trading session. This sharp decline came in the wake of reports that the Enforcement Directorate (ED) had conducted searches at the company's premises in Chennai.

ED Search for FEMA Violations

According to media reports, the ED has been investigating the company for violations of the Foreign Exchange Management Act (FEMA). The reports suggest that the ED is expecting to uncover FEMA violations to the tune of around Rs 250-300 crore, a figure that may rise as the search progresses. As of now, the company has not issued any comments on the matter.

Impact on Share Prices

The shares of India Cements tumbled 9.4% to Rs 236.85 on Thursday, causing its total market capitalization to fall below the Rs 7,500 crore mark. The scrip had settled at Rs 261.35 in the previous trading session on Wednesday. However, the stock made a partial recovery as the session progressed.

Trading Volumes Surge

The counter witnessed heavy trading volumes on both exchanges. On the BSE, more than 7.30 lakh shares of India Cements, worth Rs 18.06 crore, were traded as of 11 am. This is significantly higher than the average of 1.85 lakh shares per day traded in the last two weeks. On the NSE, 1.82 crore shares amounting to more than Rs 446 crore exchanged hands as of the same time.

Upcoming Board Meeting

In an interesting development, the company's board of directors is scheduled to meet on Thursday, February 1, 2024. They will consider and approve the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2023, as per the company's exchange filing with the bourses.

Following the board meeting, the senior management team of India Cements will hold a conference call with representatives of various investors/analysts at 2.30 PM on the same day. They will discuss the aforementioned financial results in a meeting organized by PhilipCapital (India), as stated in a separate exchange filing.

Stay tuned for more updates on this developing story.

Disclaimer: This blog post is for informational purposes only and should not be taken as investment advice.

Keywords: India Cements Ltd, Share Prices, ED Search, FEMA Violations, Trading Volumes, Board Meeting, Financial Results, N Srinivasan, BSE, NSE, PhilipCapital (India)

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