Income Tax Department Initiates Search Operations Against Omaxe Limited

Income Tax Department Initiates Search Operations Against Omaxe Limited The Income Tax Authorities has been conducting search operations against Omaxe Limited since 7:00 a.m. on Monday. The company's stock dropped dramatically as the news surfaced, although it has now recovered slightly and is down 2.6 percent at the time of publication. The corporation is involved in real estate and the provision of infrastructure facilities. Housing and real estate development are examples of these. Its portfolio consists of high-tech townships, integrated townships, group housing, office spaces, shopping malls, and hotels. Projects for the company are located in Lucknow, Ludhiana, Prayagraj, and New Delhi, among other places. People familiar with the situation informed that searches were being performed at 28 locations in North India, including the offices and homes of top corporate executives in Noida, Delhi, Gurugram, Faridabad, and Chandigarh, among others. Omaxe not available for response. The action by the I-T department is based on investigations that uncovered alleged irregularities and income hiding, said sources. On Monday, the Omaxe Limited stock opened at Rs.87.35. The stock's daily high was Rs.89.4 and its daily low was Rs.78.3. On Friday, the shares closed at Rs.88.15. Source: CNBC TV 18