Capacit'e Infra gains 20% in two days as I-T dept finds no irregularities

The tax department had conducted search at the premises of the Capacit'e Infraprojects on August 25, 2019 but no claims have been made against the company, it said.

Shares of Capacit'e Infraprojects moved higher by 11 per cent to Rs 212 on the BSE on Tuesday, having surged 20 per cent in the past two days, after the company said the Income Tax (I-T) department authorities found no irregularities during the search conducted at its premises.

"The tax department had conducted search at the premises of the Capacit'e Infraprojects on August 25, 2019 but no claims have been made against the company nor have there been any disclosures. The above proceedings have no impact on the financial and operational performance of the company," it added.

With today’s gain, the stock has bounced back 36 per cent from its all-time low level of Rs 156 hit on August 21. It had tanked 30 per cent in two trading days between August 19 and August 21, after media reported that I-T department had searched the premises of the firm on suspicion of dubious transactions.

The company said it was providing all possible assistance to the Authorities in this matter by furnishing all explanations, informations and clarifications required by them and shall continue to provide any further details that might be required.

At 01:44 pm, the stock was trading 9 per cent higher at Rs 208 on the BSE, as against a 0.44 per cent rise in the S&P BSE Sensex. A combined 181,159 equity shares have changed hands on the counter on the NSE and BSE so far.