Sobha tumbles as IT dept raids office, other premises

Sobha fell 4.97% to Rs 493.60 after the real estate developer informed that the Income Tax (I-T) department is carrying out a search at its registered office and other premises.

"We would like to inform you that a search by the Income Tax Department is being carried out at the registered office and other premises of Sobha Limited. Further, as a responsible Company all the concerned employees/staff of the Company are extending their full cooperation to the Officials," the Bengaluru-based realty firm said in a statement.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The real estate company's consolidated net profit tumbled 47.9% to Rs 31.80 crore in Q3 FY23 as against Rs 61 crore posted in Q3 FY22. Net sales stood at Rs 868.20 crore in Q3 December 2022, recording a growth of 39.5% from Rs 622.30 crore reported in the same period last year.

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