Shares of Brainbees Solution-operated FirstCry fell by 4.5% to their day’s low of Rs 597.80 on the BSE after the company informed that the GST department of Mumbai has initiated an investigation at the company’s head office and a warehouse in Pune.“We wish to inform you that the Assistant Commissioner of State Tax, Mumbai has initiated a search/inspection on 6 th November 2024 at the head office of the Company in Pune and at one of its warehouses located at Bhamboli in Maharashtra. The Company is cooperating with the officials and is responding to all the clarifications and details sought by them,” said the company in an exchange filing.The company has also assured that the investigation has not impacted its operations and the normal business activities are running as usual.The inspection was initiated by the GST department on November 6 and the officials have not yet shared any details with the company with regards to the violations committed or alleged to have been committed by FirstCry, according to the filing shared with the stock exchanges.No further details on the matter are currently available.Also read: M&M Q2 Results: PAT rises 13% YoY to Rs 3,841 cr, beats estimatesIn another filing to the exchanges today, the company has informed that its board meeting will take place on November 14 wherein they will consider and approve their second quarter results.“This is to inform you that a meeting of Board of Directors of the Company is scheduled to be held on Thursday, November 14, 2024, inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2024,” the filing said.In the last one month, the shares of FirsCry have fallen by 4.2% and by 6% in the last 2 weeks, according to the BSE analytics.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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