Asian Granito’s shares tanked more than 7% to Rs 47.7 on May 26 after ANI reported that the Income Tax Department was raiding the company’s premises.

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According to the report, the tax authorities were searching around 35 locations in Gujarat, including Asian Granito.

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The tax raid came only days after the company finished acquiring land for all three of its greenfield manufacturing units in Morbi, Gujarat. According to ANI, the business expected to start building the three facilities soon.

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Asian Granito shares have plummeted more than 53% so far in 2022, and more than 60% in the last year.

The company recorded a total income of Rs. 480.0957 crore for the fiscal year ended March 31, 2022, compared to Rs. 438.0909 crore for the fiscal year ended December 31, 2021.

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For the fiscal year ended March 31, 2022, the company reported a net profit / (loss) of Rs. 12.09 crore compared to a net profit / (loss) of Rs. 17.8126 crore for the fiscal year ended December 31, 2021.

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The company recorded EPS of Rs. 2.13 for the fiscal year ended March 31, 2022, compared to Rs. 3.36 for the fiscal year ended December 31, 2021.

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During the fiscal year ended March 31, 2022, the company recorded a total income of Rs.1605.9913 crore, compared to Rs.1293.6379 crore during the fiscal year ended March 31, 2021.

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The company’s net profit / (loss) for the fiscal year ended March 31, 2022, was Rs.91.9462 crore, compared to Rs.57.0005 crore for the fiscal year ended March 31, 2021.