Shares of Arihant Superstructures Ltd dropped nearly 3% to ₹386.30 in Tuesday’s trading session after reports surfaced regarding an Income Tax (IT) raid at the company’s premises.
According to ET NOW, IT officials conducted searches at Arihant Superstructures, a listed company, and Global Group, an unlisted entity. The Arihant Group confirmed the action, stating, “We have produced all documents to officials, and the group is transparent, with no irregularities found.”
The stock had opened at ₹394.20 but saw a sharp decline following the news. Investors reacted to the developments, leading to a broader market concern regarding the impact of the IT action.
Stock details:
- Current price: ₹386.30 (-3.00%)
- Previous close: ₹394.20
- Day’s range: ₹381.60 – ₹404.50
- Market cap: ₹15.96 billion
- 52-week range: ₹263.00 – ₹553.60
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