Enforcement Directorate Launches Investigation into India Cements for Suspected FEMA Violations

National, 1st February 2024: In a significant development, the Enforcement Directorate is currently conducting thorough searches at the Chennai offices of India Cements. Sources indicate that the focus of the investigation is on potential violations of the Foreign Exchange Management Act (FEMA).

As the search unfolds at India Cements’ offices, shares of the company have taken a hit, trading 9% lower at ₹239.75. Notably, despite the ongoing investigation, the stock has shown resilience, having experienced a noteworthy 26% surge over the past 12 months.