Enforcement Directorate (ED) has raided the office of India Cements Ltd, a company led by former BCCI President N Srinivasan. The ED is reportedly investigating the company for violations of the Foreign Exchange Management Act (FEMA). Searches are being conducted at the company’s premises and investigation is underway from from Wednesday itself, the firm has confirmed.
Initial details suggest that the ED is expecting to uncover FEMA violations amounting to Rs 250-300 crore, a figure that could escalate as the search continues. As soon as the news broke out, shares of the company rapidly dropped down by over 9% on Thursday (February 1). Consequently, the total market capitalization fell below the Rs 7,500 crore mark.
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