India's J. Kumar Infra hits over 4-month low after tax dept search on premises

J Kumar Infraprojects

18/10/2022 08:15

** Shares of J. Kumar Infraprojects  JKIP.NS  fall as much
as 5.3% to 225 rupees ($2.74), their lowest since May 26
    ** The infrastructure projects contractor on Monday said
India's tax officials conducted searches at the co's
headquarters, residences of promoters and site offices from Oct.
11 to Oct. 17  urn:newsml:reuters.com:*:nFWN31I3H6
    ** JKIP says it extended full co-operation in search
proceedings
    ** Stock set to settle lower in eighth straight session,
after losing ~19% over last 7 days, if losses hold
    ** More than 558,000 shares change hands by 0648 GMT, 2.7x
the 30-day avg
    ** Stock up 46.9% YTD so far this year, up to last close
($1 = 82.1960 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))