Capacit'e Infra dips 28% in 2 days, hits new low on report of I-T dept raid

Shares of Capacit'e Infraprojects continued to remain under pressure for the second straight day and tumbled 13 per cent to Rs 161 in Wednesday's early morning trade on the BSE on report that the Income Tax (IT) department has conducted searches at the realty firm's offices.

The stock was quoting at its lowest level since its listing on September 25, 2017. It has tanked 28 per cent in the past two trading days from Monday's level of Rs 224 per share.

The Bombay Stock Exchange (BSE) has sought clarification from Capacit'e Infraprojects with reference to the searches by the Income Tax Department, as was reported by Moneycontrol.

The company is yet to reply.

Capacite Infraprojects is an Engineering, Procurement, and Construction (EPC) company focused on high rises and super high rises. It provides end-to-end services for residential, commercial and institutional building with presence in Mumbai Metropolitan Region (MMR), Pune, Chennai, National Capital Region (NCR), Kochi, Hyderabad and Bengaluru.

While announcing the June quarter results on August 8, the company's management said it has consciously increased its commercial and institutional order book which stood at 32 per cent as on June 30 as compared to 2 per cent in FY17. The commercial and institutional segment is witnessing huge traction with investments by various global private equity players in recent times.

Meanwhile, shares of the Mumbai-based real estate developer Oberoi Realty, too, slipped 6 per cent to Rs 492 in early morning deal today. It has fallen 10 per cent in the past two trading days.

The IT Department on Tuesday carried out searches at Oberoi Realty group and its biggest vendor Capacit’e Infraprojects for suspicious transactions, including alleged purchase from dubious entities, receipt of ‘on-money’ and price manipulation and cash deposits during demonetisation period, the Economic Times reported quoting sources in the know.