Raymond Ltd. (RW), an Indian maker of fabrics and garments, fell as much as 4.6 percent in Mumbai trading after Bloomberg UTV television reported the company’s offices were searched by income tax authorities.
The shares dropped 3.2 percent to 375.8 rupees at 11:01 a.m. local time. Two calls made to the offices of Sagar Joshi, a director, and Magline Rufina, deputy general manager, in Mumbai weren’t answered.
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