Shares of Uflex India fell 4.4% in intraday trade on Tuesday to hit a 52-week low of Rs 466 on reports of an income tax raid at the company’s Noida office. At 10:00 am, the company’s shares were down 3% at Rs 473.3 against the unchanged S&P BSE Sensex.

According to various media reports, the Income Tax Department is conducting raids on the offices of Uflex in Noida, alleging that the company has recently issued several counterfeit bills which are being scanned.

Meanwhile, in the October-December quarter (Q3) of the fiscal year 2022-23 (FY23), the company reported total revenue of Rs 3,496 crore, up 0.6% year-on-year. The company’s earnings before interest, depreciation and amortisation, taxation and foreign exchange gains stood at Rs 429 crore compared to Rs 599 crore in the same period in FY22.

The total after-tax loss for the quarter was Rs 85 crore, mainly due to a loss of Rs 84 crore due to the devaluation of the Egyptian currency. In FY0322, Uflex posted a net profit (PAT) of Rs 314 crore.

“It has been a challenging quarter for the global packaging industry, with rising energy costs in the EU, rising interest rates and weakening growth momentum in the US and other advanced economies. Uflex is confident in navigating the current macroeconomic conditions and will “continue to serve Stakeholders and provide long-term value. Our distributed global manufacturing strategy, execution capabilities, R&D investment and product innovation will enable us to achieve profitable year-over-year growth,” Uflex Chairman and Managing Director Ashok Chaturvedi said in a statement.

Uflex is India’s largest multinational flexible packaging and solutions company with a presence in all verticals of the packaging value chain – flexible packaging, packaging films, aseptic liquid packaging, holography, printing cylinders, engineering and chemicals.