Raymond down on I-T probe

The Income Tax Department, on Thursday, conducted searches in 15 premises of prominent industrialist Gautam Singhania in Mumbai, Bangalore and Chennai among others on charges of tax evasion.

The I-T operation began early in the morning and was initiated by the Intelligence Directorate of the department based in Delhi on suspected violations by certain offshore funds in the company.

More Details: IT searches in Raymond group premises

"As a responsible corporate, we are cooperating with the authorities in their search," the spokesperson said, adding that "it would be premature to discuss details at this point in time," a Raymond spokesperson said.

Raymond touched an intraday high of Rs 383.90 and an intraday low of Rs 377.80. At 09:21 hrs the share was quoting at Rs 379.85, down Rs 2.35, or 0.61%.

It was trading with volumes of 6,682 shares. In the previous trading session, the share closed down 1.36% or Rs 5.25 at Rs 382.20.