Prataap Snacks, a prominent snack manufacturer under the Diamond brand, witnessed a decline in its NSE-listed shares by over 4% on Wednesday, following a raid by the Goods and Services Tax (GST) department at their Bengaluru facility.
The company regulatory filing stated, "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, which carries a market cap of Rs 2,02,102.67, has seen a year-to-date drop of 3% in its share value.
Prataap Snacks is known for its diverse product portfolio that includes popular snacks like chips and namkeens. The impact of the GST department's raid on its future performance remains to be seen.
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