Arihant Superstructures Shares React To Income Tax Department Raids

The shares of Arihant Superstructures, a Navi Mumbai-based real estate company, soared in the intraday trade on Thursday, March 6.

This came to pass after suffering a minor setback in the trading session on Wednesday, March 5. These developments come at the back of Income Tax Department raids that were conducted on Arihant Superstructures properties.

It Department Raids Arihant Superstructures

The raid was conducted by the tax department over allegations of tax evasions and undisclosed income.

Later in the day, the company issued a statement in which it confirmed the action by the IT department.

The company confirmed that the Income Tax Department had indeed conducted a raid at its premises and those of the Global Group.

Arihant Superstructures also defended itself and asserted upon its transparency. The Navi Mumbai-based company also claimed that no irregularities were found. The infra group has claimed to have provided all necessary documents to the officials as required.

Shares Slump On Wednesday

The company has projects in the MMR region with 14 projects and a few projects in Jodhpur, and is headed by Ashok Chhajer.

Yesterday, as the trading came to a close, the company shares slipped in value.

Towards the end of the day, the decline in the company shares stood at 0.53 per cent or Rs 2.10, taking the overall value of the company shares to Rs 392.10 per piece.

Arihant Superstructures On Thursday

Today, however, the story was a little different. The company shares started the day on a positive note, opening at Rs 394.50, higher than the previous day's closing.

The stocks improved their positioning furthermore, as the company shares jumped, pushing past the Rs 400 mark. At the time of writing, the company shares rose by 2.06 per cent or Rs 8.10. This took the overall of the company shares to Rs 400.50 per piece.

The company's 52 week high stood at Rs 553.60 per share. While, its 52 week low stood at Rs 263.00.