India Cements shares plunged more than 9% on Thursday after media reports suggested that the Enforcement Directorate (ED) has raided the offices of the former BCCI President-led cement manufacturer. 

India Cements shares hit an intraday low of Rs 236.70, 9.44% lower than its previous closing price on the National Stock Exchange (NSE). The stock closed 7.04% lower at Rs 243. 

As part of the investigation, the ED conducted searches in the company’s two office premises in Chennai and one in Delhi over the last two days for violations of the Foreign Exchange Management Act (FEMA). 

The raid pertains to the affairs of its associate company, India Cements Capital Ltd, and the transfer of funds abroad. The federal probe agency expects to uncover FEMA violations of around Rs 250-300 crore, which may increase as the search progresses.