Dixon Technologies shares down 3% after DRI search

New Delhi, Jan 19: Shares of Dixon Technologies slumped 3 per cent on Friday after the Directorate of Revenue Intelligence (DRI) conducted a search.

The DRI conducted the search with respect to classification of the raw material imported for manufacturing of one of the products at a manufacturing facility of one of a subsidiary company of Dixon Technologies at Noida on January 17, which concluded at 8:00 p.m. on the same day.

“The impact on financial, operation or other activities of the listed entity cannot be quantified at this point of time. However, in our assessment, we understand that it will not have any material impact on financial operations or other activities of the Company,” Dixon Technologies said.

“The issues raised by the D.R.I. are interpretational in nature and we stand committed to defend our interpretation using all recourse available to us. We have extended full cooperation to the D.R.I, including providing complete information in a timely manner,” the company said.

Dixon Technologies shares are down 3.1 per cent on Friday at Rs 6,104. The company’s market capitalisation is Rs 36,521 crore. The company is in the sector of consumer electronics.