I-T raids send Oberoi Realty, Capacit’e tumbling up to 15%

Clarification has been sought by stock exchanges on the development.

Sources told ET that searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T sleuths.
NEW DLEHI: Shares of Oberoi Realty and Capacit’e Infraprojects tumbled up to 15 per cent in Wednesday’s trade after the income Tax (I-T) Department carried out searches for suspicious transactions, including alleged purchase from dubious entities.

Capacit’e Infraprojects is Oberoi Realty group’s biggest vendor.

Clarification has been sought by stock exchanges on the development. The companies are yet to respond.


At 9.26 am, shares of Capacit’e Infraprojects tumbled 15.06 per cent to hit a low of Rs 157 on BSE. Oberoi Realty dropped 6.25 per cent to Rs 492.

Sources told ET that searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T sleuths.

“While Oberoi Realty is being probed for various tax evasions, the purpose of Tuesday raids were to probe if there were any suspicious funds from group entities and related party transactions. This includes related entities advancing funds in the form of loans, purchase of flats, payment for goods and services,” said one of the persons cited above.
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Oberoi, which has developed over 40 projects in Mumbai, is also being probed on allegations of receipt of ‘on-money’ and price manipulation.

“There is information that at least eight prime projects of the realtor in Mumbai and its suburbs in which there is suspicion of difference between sale prices shown in books and those of registered prices vis-a-vis payment received,” added the official.

The shares of Oberoi Realty closed 2.17 per cent lower at Rs 513.50 while that of Capacit’e Infraprojects ended 1.62 per cent down at Rs 181.90 on BSE.
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