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Shares of Som Distilleries & Breweries tumbled about 9 per cent to Rs 304 on Tuesday, from day's high at Rs 333.95, with its market capitalization falling below Rs 2,400 crore.
Som Group is a key player in the liquor business of Madhya Pradesh and Chhattisgarh.
The Income-tax department initiated a series of multi-state searches targeting the Som Group, a well-known player in the liquor manufacturing and sales sector. This operation is part of a broader investigation into alleged tax evasion, according to official sources.
The Income Tax (I-T) department conducted searches at the residence and business premises of Jagdish Arora, owner of the Bhopal-based Som Group, on Tu
The Som Group which owns Som Distilleries and Breweries also operates a bottling unit in Bilaspur, Chhattisgarh under the name Legend Distilleries.