India's Gallantt Ispat tanks on income tax search operation

Gallantt Ispat

02/05/2023 05:28

** Shares of Gallantt Ispat  GALM.NS  fall as much as 13.7%
to 53.2 rupees, biggest pct loss since Sep. 20, 2021
    ** Co reported on Monday that Income Tax Department has
carried out search operations at some of its premises
    ** Co says the department has seized few documents and
records for further processing
    ** Around 220,000 shares change hands in early trade, ~5.9x
30-day avg
    ** Stocks falls below 50-day, 100-day and 200-day
exponential moving averages, indicating bearish sentiment
    ** Including session's fall, stock extends YTD fall to
11.4%, from 0.6% in last close

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))