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Tiger Logistics rises 4% after RBI compounding order under FEMA

The RBI Foreign Exchange Department compounded the company’s FEMA violation by requiring a ₹59,981 payment, and Tiger Logistics said the issue has no material impact on operations.

Reported · Written up by our desk · Asia

Tiger Logistics shares jumped more than 4% on the BSE on Tuesday, after the company disclosed it had received a compounding order from the RBI Foreign Exchange Department. The stock rose 4.1% to an intraday high of ₹28.13, with the move coming a day after the filing dated 17 August.

According to the exchange filing, the compounding order relates to non compliance with a post disinvestment valuation reporting requirement under the Foreign Exchange Management Act, 1999. The RBI passed the order tied to FEMA Notification No. 120/RB-2004 dated 7 July 2004.

Tiger Logistics said the RBI resolved the contravention upon payment of ₹59,981, and that the matter stands compounded after the amount was paid. The company added that it expects no material impact on its operations or other activities.

The stock has been under pressure this year so far, down 23% year to date. It reached a 52 week low of ₹22.87 on 23 March, after hitting a 52 week high of ₹56.74 on 18 September last year.

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