New Delhi, Jan. 13 -- Shares of Balu Forge, part of Ashish Kacholia's portfolio, rallied 13% in intraday deals on Tuesday, January 13, snapping their nine-day losing run following the conclusion of the income tax (I-T) department searches at the company's locations.

Balu Forge share price jumped 13.16% to the day's high of Rs.499.40 as against the last closing price of Rs.441.30, recouping nearly half of the 27% fall the BSE Smallcap stock recorded during the nine days of losses.

Balu Forge earlier today announced that the Income Tax Department conducted a search under the Income Tax Act, 1961, at some of its offices and manufacturing units on January 7, which concluded today.

"The Company, its Promoters, and Key Managerial Personnel (...