Balu Forge shares rallied over 13% on Tuesday, snapping a nine‑day losing streak after the Income Tax Department finished its search of the company’s sites.
Share price surge ends nine‑day slide
The stock rose from ₹441.30 at the previous close to a high of ₹499.40, recovering almost half of the 27% drop it suffered during the losing run.
Income Tax search completed without findings
The company said officials inspected some offices and manufacturing units on Jan 7 and wrapped up the search on Jan 13. No incriminating documents were found or seized, and the firm says its production and daily operations were not affected.
Ashish Kacholia’s stake in Balu Forge
Investor Ashish Kacholia holds a notable position in the company. In his own name he owns 1.64% of the shares (about 1.86 million shares) and, through his firm Bengal Finance and Investment, another 1.23% (1.4 million shares), giving him roughly a 2.9% combined holding.
Long‑term performance despite recent pressure
- Shares down about 26% over the past year
- Up 515% over the last three years
- Up 269% over the last five years
- Up 804% over the last ten years
What this means for investors
The short‑term bounce suggests relief after the tax probe, but the stock remains volatile. Investors may want to weigh the recent recovery against its longer‑term growth record before making decisions.
Disclaimer: This is for educational purposes only. Do your own research or consult a professional before investing.