Sobha Tanks 5% on Income Tax Dept Search Across Office Premises

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Sobha Tanks 5% on Income Tax Dept Search Across Office Premises
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the real estate developer Sobha (NS: SOBH ) tanked 5.4% to Rs 491.25 apiece in Wednesday’s trade, defying the overall market mood as benchmark indices Nifty50 and Sensex are up 0.21% each while writing.

Sobha Limited’s shares fell after the company announced that the Income Tax Department is conducting a search at its different office premises on March 22, 2023.

The construction company informed the stock exchanges on Wednesday that the IT department was carrying out a search at its registered office in Bengaluru as well as other premises of Sobha.

It added that all of its staff is cooperating with the officials of Income Tax in the ongoing search.

“As a responsible Company all the concerned employees/staff of the Company are extending their full cooperation to the Officials,” the company said.

The construction stock has been falling since the past three sessions and has tumbled 9.7% during this period. It is trading as the top loser on the 10-scrip sectoral index Nifty Realty on Wednesday.

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