Uflex lost 7.48% to Rs 64.95 at 11:31 IST on BSE on reports the income tax department has raided 37 premises associated with the company in nine cities.
Meanwhile, the BSE Sensex was down 77.78 points, or 0.38%, to 20,641.33
On BSE, so far 1.83 lakh shares were traded in the counter compared with average volume of 47,701 shares in the past one quarter.
The stock hit a high of Rs 68.15 and a low of Rs 61.15 so far during the day. The stock hit a 52-week high of Rs 93.20 on 13 March 2013. The stock hit a 52-week low of Rs 47.50 on 7 August 2013.
The stock had underperformed the market over the past one month till 19 February 2014, falling 11.2% compared with the Sensex's 1.62% fall. The scrip had also underperformed the market in past one quarter, falling 5.07% as against Sensex's 0.80% decline.
The small-cap company has an equity capital of Rs 72.21 crore. Face value per share is Rs 10.
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As per reports, the Income Tax (IT) department on Wednesday, 19 February 2014 carried out raids at 37 premises associated with Uflex in nine cities including New Delhi, Mumbai, Thane, Bhind, Alwar, Dehradun, Jammu, Haridwar and Noida. The raids were conducted following complaints of cash sale of over Rs 1000 crore by the company during the past four-five years, reports added.
Reports further informed that Rs 100 crore bogus sale was detected and unaccounted cash worth Rs 2 crore and jewelleries were found during raids.
On a consolidated basis, Uflex's net profit rose 45.6% to Rs 52.66 crore on 14.7% increase in net sales to Rs 1380.25 crore in Q3 December 2013 over Q3 December 2012.
Over the years, Uflex has integrated its operations from manufacture of polyester chips, films (BOPET, BOPP and CPP -- both in plain and metalized form), coated film, laminates, pouches, holographic films gravure cylinders, inks and adhesives to all types of packaging & printing machines, offering total flexible packaging solutions.
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