Dixon Tech shares fall 4% after DRI searches unit in Noida over raw material import

Dixon further stated that although the impact on financial, operational and other activities of the listed entity cannot be quantified at this point of time, the company's assessment does not see any material impact on financial operations or any other activity.

"The issues raised by the D.R.I are interpretational in nature and we stand committed to defend our interpretation using all recourse available to us," the Dixon exchange filing said, further adding that the company has extended full cooperation to the D.R.I, including providing the complete information in a timely manner.

Recently, Dixon Technologies received a downgrade from Goldman Sachs over three major concerns surrounding the company. Goldman downgraded the stock to "sell" from "neutral," projecting a potential downside of 17.5% from the previous day's close.

Shares of Dixon Technologies are trading 3.1% lower at ₹6,104. The stock has risen nearly 80% over the last 12 months.