Uflex down 25% in 1 wk on tax raid report, hits lowest level since May 2021

Shares of Uflex India tumbled 15 per cent to Rs 366 on the BSE in Monday's intra-day trade, extending its past four-day decline, amid reports of Income Tax raid at the company's various office locations. In the past one week, the stock has tanked 25 per cent, as compared to less than 1 per cent decline in the S&P BSE Sensex. It was quoting at its lowest level since May 2021.

The Exchanges sought clarification from Uflex on February 21, 2023, with reference to news reports stating Income Tax department had raided Uflex Ltd's offices across various cities. The