Shares of India's DB Corp fall on news of IT dept searches

DB

22/07/2021 06:23

** Newspaper group's shares  DBCL.NS  shares drop 4.8% to
103.80 rupees in morning trade - set for biggest one-day
percentage fall in more than 6 weeks 
    ** DB Corp Ltd, home to one of India's most read hindi
dailies, Dainik Bhaskar, was part of searches conducted by the
country's Income Tax department on Thursday as per tweets https://twitter.com/ANI/status/1418060826477424643
 from Reuters' media partner ANI
    ** The searches were being conducted regarding tax evasion
across several office locations as well as residential addresses
of significant shareholders, the tweets said
    ** DB Corp did not immediately respond to a Reuters request
for comment 
    ** Despite session's losses, DBCL stock is still up ~27% for
the year

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))