Shares of Mumbai-based real estate developer Oberoi Realty dropped after the company clarified that Income Tax authorities have initiated search and seizure operations at the premises of the company.
Shares of Oberoi Realty are trading lower by 3.36% to Rs 495.45. The stock has hit a high of Rs 504 and a low of Rs 495 so far during the day. On the BSE, 510 shares were traded in the counter so far.
Meanwhile, the S&P BSE Sensex was down 88.01 points or 0.24% to 36,972.36.
Oberoi Realty said after market hours yesterday, 21 August 2019 that Income Tax authorities have initiated search and seizure operations at the premises of the company from 20 August 2019. The IT Activity is a process as set out under the provisions of Income-tax Act, 1961, and the company is co-operating with and extending all assistance to the authorities in this regard.
The IT Activity is currently ongoing and the company has not received any communication from the Income Tax authorities regarding the aim or intent of the IT Activity.
Oberoi Realty is a real estate developer based in Mumbai, Maharashtra. Its main interest is in Residential, Office Space, Retail, Hospitality and Social Infrastructure properties in Mumbai.
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