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Ashoka Buildcon shares recovers 4 pc

Press Trust of India  |  Mumbai 

Ashoka Buildcon shares today recovered 4 per cent after it had dipped 20 per cent yesterday following IT raids on the company premises.

The stock today settled at Rs 141, up 3.84 per cent, on

On BSE, the scrip surged 1.95 per cent to close the day at Rs 138.65.

Early in the day, the stock hit its 52-week low on both the exchanges on the back of morning sell-off. On BSE, the low was Rs 111, while on it was Rs 111.30.

On volume front, total 1,47,66,492 shares were traded on

The company's stock dipped about 20 per cent yesterday after joint searches were conducted by the and IT department amid allegations that the company financed certain construction by family members of former deputy Chief Minister Chhagan Bhujbal, who was arrested last month in a money-laundering case.

The stock has been under heavy pressure since the last fortnight following allegations of the company's links with Bhujbal.

In a regulatory filing to the BSE, the company yesterday said, "Income tax authorities are carrying out search and seizure proceedings on the premises of the company and certain officials. The company is in the process of collating and responding to all the queries raised by the income tax authorities."

It added: "The company and its management are fully cooperating with them and providing the necessary documents. We will provide further updates once the proceedings are completed.

First Published: Thu, April 07 2016. 19:14 IST