Prataap Snacks shares slip 4% after GST department searches company's manufacturing unit in Bengaluru

Prataap Snack share price NSE: Prataap Snack shares on Wednesday, September 27, slipped over 4 per cent to touch the day's low of Rs 839.95 on NSE, after the Goods and Service Tax (GST) department searched the company's manufacturing unit in Bengaluru. A search and seizure action was taken by the GST department on September 25, the company informed stock exchanges on September 26. 

"We write to inform you that GST Authority has conducted a search and seizure under the Central Goods and Services Tax Act, 2017 (CGST Act) and Rules made thereunder on 25th September 2023 in one of our manufacturing units located at No. 260, Bommasandra Jigani Link Road, Jigani Hobli, Anekal Taluk, Bengaluru (Bangalore) – 560 105, Karnataka," the company regulatory filing on exchanges read.

Here's how the stock moved on Wednesday:

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Source: NSE

The stock of the snack food manufacturer and distributor ended at Rs 847, down 3.27 per cent or Rs 28.6 on NSE. The company mentioned that it had extended its full cooperation to the officials and responded to the clarification and details sought by them. It said in the filing that the operations of the aforesaid manufacturing unit were not impacted and continued as usual.

Prataap Snacks share price history

Year to date, Prataap Snacks' stock has dropped over 3 per cent (January 2, 2023). In comparison, the headline index Nifty 50 has rallied nearly 8 per cent. Prataap Snacks has a market capitalisation of Rs 2,02,102.67, as per data available on NSE. The counter 52-week high and 52-week low range from Rs 1,008.8-661.35.

What do Prataap Snacks do?

Engaged in the business of snack food manufacturing and distribution, Prataap Snacks produces a range of snack items such as chips, namkeens, and others under the brand name Diamond.

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