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The Bureau of Indian Standards (BIS) has conducted search and seizure operations at one of FirstCry’s Bengaluru warehouses and seized goods worth INR 90 Lakh.
The inspection lasted for a day at Bheemakkanahalli village, Sulibele Hobli, Hoskote taluka and Bengaluru rural district.
FirstCry said in a regulatory filing that the search led to the seizure of certain goods worth approximately INR 90,00,000.
The BIS alleged that the company is not in compliance with its standard mark/hallmark with respect to few of its products, which is allegedly in violation of Section 14(6) of BIS Act, 2016.
FirstCry mentioned that it has fully cooperated with the officials throughout the process, and clarified that the search operation did not impact the operations of the company.
In its defence, the company is seeking appropriate legal advice and has no reasons to believe that the products seized by BIS are non-compliant with BIS laws, the filing added.
Shares of FirstCry parent Brainbees Solutions dropped 6.4% to INR 351.15 apiece on the BSE intraday trading session today, compared to its last close of INR 375.25 per share.
The stock’s downturn comes on the heels of the weak fourth quarter financial performance of the company.
Kids-focussed omnichannel retailer FirstCry’s parent saw a 157.8% surge in its net loss to INR 111.5 Cr in Q4 FY25 from INR 43.3 Cr in the year-ago quarter.
However, its operating revenue increased 15.8% to INR 1,930.3 Cr in Q4 FY25 from INR 1,666.8 Cr in the year-ago quarter.
(The story will be updated soon.)
The post BIS Seizes Goods Worth INR 90 Lakh In Raids On FirstCry’s Bengaluru Warehouse appeared first on Inc42 Media.
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