The income tax department is conducting search operations against New Delhi-based real estate firm Omaxe Limited since 7:00 am on Monday. The I-T department action is based on investigations that revealed alleged irregularities and concealment of income, sources told CNBC-TV18.
The stock of the company dipped sharply as the news broke. Despite recovering slightly, the scrip was down 2.49 percent at BSE. The stock opened at Rs 87.35 on Monday and ended the day at Rs 86. The stock's daily high was Rs 89.4 but hit its lowest at Rs 78.3. The stock had closed at Rs 88.15 on Friday.
People in the know of the matter told CNBC-TV18 that searches were being conducted at 28 locations in North India, including office and residential premises of top company management in Noida, Delhi, Gurugram, Faridabad, Chandigarh, etc.
CNBC-TV18 has reached out to Omaxe but a response is awaited.
The company is engaged in real estate activities and the business of providing infrastructure facilities. These include housing and real estate development. Its portfolio includes hi-tech townships, integrated townships, group housing, office spaces, shopping malls and Hotels. The company's projects are based in Lucknow, Ludhiana, Prayagraj, and New Delhi, among other areas.
(Edited by : Shloka Badkar, Abhishek Jha)
First Published: Mar 14, 2022 12:37 PM IST
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