3M India shares fall as ED conducts search at Bengaluru offices

Shares of 3M India Ltd fell over 2% in early deals after the firm said Enforcement Directorate (ED) conducted a search under at its offices in Bangalore on March 14, 2024. 3M India shares slipped 2.24% to Rs 29,443 against the previous close of Rs 30811.25 on BSE. Market cap of the firm fell to Rs 33,546 crore. Earlier, the stock opened higher at Rs 30,300 on Friday.

The stock logged a turnover of Rs 41.23 lakh on Friday with 139 shares changing hands on BSE. The stock touched its record high of Rs 39,809.65 on December 29, 2023 and fell to its 52 week low of Rs 21,740 on March 24, 2023 .

"The office of the Enforcement Directorate conducted a search under the Foreign Exchange Management Act, 1999 at our offices in Bangalore on March 14, 2024. The company fully cooperated with the officials during the proceedings and responded to the clarifications and details sought by them," said the firm in a communication to bourses.

"We will continue to provide any further clarification /information that may be required. The business operations of the company continued as usual and were not impacted due to the search. We will comply with our legal obligation for disclosure from time to time," it added.

3M India Limited is a diversified technology and science company. The company’s segments include safety and industrial; transportation & electronics; health care, and consumer.