Tilaknagar Industries shares fall 5% from day's high after Andhra liquor scam allegations surface
Shares of Tilaknagar Industries Ltd rose as much as 5.46% intraday to ₹443.90, before paring gains and trading nearly 6% below the day's high after reports emerged linking the company to an alleged liquor scam in Andhra Pradesh. The stock closed at ₹418.40, compared to the previous close of ₹396.75, with a market capitalization of approximately ₹81,400 crore.
According to NDTV Profit and Informist, the Andhra Pradesh Police has named Tilaknagar Industries in an alleged liquor kickback scheme. Authorities claim the company allegedly paid about ₹218 crore (₹2.18 billion) in kickbacks to an Andhra liquor syndicate in exchange for lucrative orders.
Between 2019 and 2024, the company reportedly received orders worth ₹1,472 crore (₹14.72 billion) in the state, the police report noted. These revelations have raised concerns among investors despite the stock's initial rally.
On Monday, the stock saw high volatility: it opened strong, touching a high of ₹443.90 in the morning session, but fell sharply after the news broke, reflecting investor unease over potential legal and reputational risks.
Company response to the allegations has not yet been made public at the time of writing. Market participants are closely watching for further clarification from Tilaknagar Industries and regulatory authorities.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Stock market investments are subject to market risks. Please consult your financial advisor before making investment decisions.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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