Hubtown ends at 52-week low, down 15% on reports of an I-T Dept raid
The stock fell 76 percent in last one year and corrected 77 percent from its 52-week high of Rs 68 touched in August 2018.
July 30, 2019 / 03:58 PM IST
Hubtown shares fell 14.60 percent to end at its 52-week low of Rs 15.50 on July 30 after media reports indicated that the Income Tax Department conducted a raid on the company.
The stock fell 76 percent in last one year and corrected 77 percent from its 52-week high of Rs 68, it touched in August 2018.
The Income Tax Department conducted a search on Hubtown and its joint venture and the search is underway, reported CNBC-TV18 quoting unnamed sources.
The news came in right before the market closed on July 30.
Meanwhile, the company has done some reorganisation of its management structure and consequently appointed Sunil Mago as the Chief Financial Officer in place of Nancy Pereira with effect from July 5. "Pereira will be moving to a new role within Hubtown Group," it had said in its BSE filing earlier in July.