Ashoka Buildcon tumbles as GST notice triggers search & seizure operation

Ashoka Buildcon declined 4.43% to Rs 208.20 after the company informed that Goods & Service Tax (GST) department has served a notice for search & seizure operations at its office premises in Nashik, Maharashtra.

The notice was issued under Section 67 of Maharashtra (GST) (MGST) Act, 2017. However, the regulatory filing did not specify the nature of the alleged violation or contravention.

The company clarified that the development has not impacted its normal operations. It also stated that, at this stage, any financial or other impact cannot be ascertained.

Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads.

 

The companys consolidated net profit jumped 73.1% to Rs 432.23 crore despite a 11.7% decline in net sales to Rs 2,694.42 crore in Q4 FY25 over Q4 FY24.

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