Capacit'e Infra clarifies on IT raids; stock shines

Shares of Capacit'e Infraprojects surged more than 11 per cent after the company clarified that no irregularities were found post income tax search.

Capacit'e Infraprojects has released a statement today indicating no irregularities have been found during the search operation by the Authorities against the Company. There have been no claims made against the company nor have there been any disclosures. The said proceedings have no impact on the financial and operational performance of the Company.

The income tax authorities had carried out search proceedings at Capacit'e Infraprojects’ premises from August 20, 2019. The search concluded on August 25, 2019. The stock had been facing heavy selling pressure last week and dipped 28 per cent.

As per the statement, the company is providing all possible assistance to the authorities in this matter. It has furnished all explanations, information and clarifications required by them in this matter and shall continue to provide any further details that might be required.

The stock of Capacit'e Infra had plunged to the level of Rs. 159 last week. Gradually the stock has recovered. On Monday, after the clarification was sought from the company, the stock jumped by 11 per cent to make intra-day high of Rs. 196.95 from its previous close of Rs. 177. Later, it closed at Rs. 191.30 on BSE.