While the Income Tax Agency searched the real estate developer’s registered office and other locations on Wednesday, shares of Sobha Ltd dropped 6%.
The company, which has its headquarters in Bangalore, claimed to be entirely compliant with the tax authorities. It did not, however, state why the searches were being conducted.
In addition, as a responsible company, all the concerned employees/employees of the company are extending their full co-operation. to, the company said in a filing. “We would like to inform you that searches are being conducted by the Income Tax Department at the registered office and other premises of Sobha Limited.
