Sobha slips 5%, nears 52-week low on raid by Income-Tax department

Sobha announced that a search by the Income Tax Department is being carried out at the registered office and other premises of the company

Shares of Sobha slipped 5.4 per cent to Rs 491.40 on the BSE in Wednesday's intra-day trade after the real estate company announced that a search by the Income Tax Department was being carried out at the registered office, and other premises of the company.

At 12:12 pm, Sobha was trading 5.2 per cent lower at Rs 492.60 on the BSE. It was also quoting close to its 52-week low of Rs 480.35, touched on June 20, 2022. In comparison, the S&P BSE Sensex was up 0.13 per cent at 58,152.

Sobha, however, said that as a responsible