Sobha Limited’s share value drops in light of income tax raids

Last week, the shares of Sobha Ltd dropped by more than four percent after the firm confirmed they had been subjected to income tax raids at their head office and in other site locations. In a statement released to the press, the company confirmed that their registered office and other locations of Sobha Ltd were currently the subject of a search by the Income Tax Department. Additionally, the company stated in its disclosure to the exchanges that as a responsible business, all affected employees and personnel are fully cooperating with officials.

The price of Sobha Ltd stock decreased over the course of the last four trading sessions by almost 9%. The company underperformed the Nifty50 index during the course of a year, producing negative returns of 33% as opposed to a 0.2% decline in the benchmark. The counter is down from its March 2022 52-week high of Rs 764. The price fell to Rs 480.20, its 52-week low, on June 20, 2022.

In the 10-share Nifty Realty index's early trading, Sobha Ltd was one of the three equities that were trading down. The other two counters that were declining were Godrej Properties and Brigade Enterprises. The Nifty Realty index, which measured the overall bullish market mood, was trading at 396.45, up 1.75 points or 0.44%. Oberoi Realty, The Phoenix Mills, and Macrotech Developers were the top gainers. The leading indices S&P BSE Sensex and Nifty50, meanwhile, were trading positively at this moment. The latter was higher by 71 points or 0.42% and trading at 17,178.70, while the former was up 217.08 points or 0.37% at 58,291.76.

Sobha Ltd is a leading real estate developer based in India. Founded in 1995, the company has a track record of delivering high-quality residential and commercial properties across major cities in India, including Bangalore, Chennai, Pune, Coimbatore, Thrissur, and Mysore. Sobha Ltd is known for its focus on quality and attention to detail in all aspects of its projects, from architecture and design to construction and finishing. The company has received numerous awards and accolades for its work, including the 'Best Residential Project in India' award at the Asia Pacific Property Awards in 2018. Sobha Ltd is committed to sustainable development and incorporates eco-friendly features in its projects wherever possible.

Next (Revenue Ministers promises a final decision on the NA tax exclusion by the end of the budget session)

Sobha Limited’s share value drops in light of income tax raids

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